The embodiments of the present invention provide an electroluminescent device and manufacturing method thereof, display substrate and display device, which relate to the field of display technology. The overall luminous efficiency of the OLED device is improved without reducing the thickness of the metal cathode, ensuring a good display effect of the OLED device. The electroluminescent device comprises a metal cathode layer, a functional layer and a transparent anode layer arranged on a basal substrate; the transparent anode layer is located on the light exit side of the electroluminescent device; the functional layer is located between the metal cathode layer and the transparent anode layer; the functional layer comprises an electron transport layer, an emitting layer and a hole transport layer sequentially arranged from the metal cathode layer.