A display substrate and a manufacturing method thereof, and a display device are provided. The display substrate includes a base substrate, a plurality of pixel groups located on the base substrate and a first shading portion located between the plurality of pixel groups and the base substrate. Each of the plurality of pixel groups includes two pixel units, each of the plurality of pixel groups includes two opaque first common electrode strips and a second common electrode strip located between the two opaque first common electrode strips, an orthogonal projection of a space between the two opaque first common electrode strips on the base substrate falls within an orthogonal projection of the first shading portion on the base substrate.