The present disclosure provides a display substrate, a manufacturing method thereof, and a display device. The display substrate includes a substrate, and a compensation electrode, an auxiliary electrode, a light-emitting functional layer, and a cathode layer arranged on one side of the substrate. The auxiliary electrode is arranged on one side of the compensation electrode away from the substrate, and coupled to the compensation electrode. A first notch is formed in a side surface of the auxiliary electrode, and at least a part of the first notch extends in a direction parallel to the substrate. The light-emitting functional layer is arranged on one side of the auxiliary electrode away from the substrate, and interrupted at the first notch. The cathode layer is arranged on one side of the light-emitting functional layer away from the substrate, and coupled to the auxiliary electrode at the first notch.