The present disclosure provides a fingerprint identification substrate and a display device. The fingerprint identification substrate includes a base substrate, a plurality of photosensitive modules on the base substrate, a collimating optical structure located on light entering sides of the photosensitive modules, a plurality of function layers and an insulation layer between every two adjacent function layers; where the photosensitive modules are configured to collect light rays reflected by a fingerprint; and the collimating optical structure includes light shading layers and light transmitting layers arranged alternately; where each of the light shading layers has a plurality of light transmitting holes; orthographic projections of the light transmitting holes on the base substrate are in orthographic projections of the photosensitive modules on the base substrate.