A display substrate includes: a base substrate including a display area and a peripheral area pixel units in the display area, each including a pixel drive circuit and a light emitting device the light emitting device including a first electrode, a second electrode, and a light emitting layer; a first power trace located in the peripheral area and electrically connected to the first electrode; a second power trace located in the peripheral area and electrically connected to the second electrode; a planarization layer with at least a portion thereof being located in the peripheral area. An orthographic projection of the planarization layer on the base substrate at least partially overlaps an orthographic projection of each of the first and second power traces on the base substrate, the first and second power traces are located in different layers, and a portion of the planarization layer is located between the first and second power traces.