A display substrate, a method of forming a display substrate and a display device are provided. The display substrate includes: a plurality of pixel units arranged in an array, a substrate, a light-emitting device layer and an electrochromic functional layer, where the light-emitting device layer and the electrochromic functional layer are stacked on the substrate; the light-emitting device layer includes a plurality of light-emitting devices, an orthographic projection of the electrochromic functional device on the substrate is at least partially overlapped with an orthographic projection of the corresponding effective light-emitting area on the substrate.