A display substrate and a display device. The present display substrate includes a first to a third display region. The first display region includes first pixel repeating units, and allows light from the first side to at least partially penetrate to the second side. The second display region includes second and fourth pixel repeating units. The third display region includes third pixel repeating units. Each first pixel repeating unit is electrically connected to the corresponding fourth pixel repeating unit by means of t transparent connecting traces. The pitch of the first and second pixel repeating units is b1, and the pitch of the third pixel repeating units is b2, the pitch of the transparent connecting traces is D, and the maximum number s of first pixel repeating units in the first direction satisfying s≤2*Floor(b1/((D*t))).