The present disclosure provides a display substrate and a display device. The display substrate includes a transparent display region and a non-transparent display region, the transparent display region includes a first sub-pixel array including a red sub-pixel, a green sub-pixel, a blue sub-pixel and a transparent sub-pixel, the non-transparent display region includes a second sub-pixel array including a red sub-pixel, a green sub-pixel and a blue sub-pixel, and an aperture ratio of the blue sub-pixel in the first sub-pixel array is less than an aperture ratio of the blue sub-pixel in the second sub-pixel array. A filter unit and a black matrix are arranged at a light-emitting side of each of the red sub-pixels, the green sub-pixels and the blue sub-pixels in the first sub-pixel array and the second sub-pixel array, each black matrix is arranged between two filter units and shields a part of the filter unit, and an orthogonal projection of a part of the filter unit not shielded by the black matrix onto a light-emitting coincides with the red sub-pixels, the green sub-pixels and the blue sub-pixels in the first sub-pixel array and the second sub-pixel array.