A display substrate includes a base; and a first display region and a second display region disposed on the base, where a light transmittance of the first display region is greater than a light transmittance of the second display region, and the first display region includes one or more first sub-regions and one or more second sub-regions; where the one or more first sub-regions include a plurality of first sub-pixels, and each of the first sub-pixels includes a first electrode disposed on the base, a light emitting layer disposed on the first electrode, and a second electrode disposed on the light emitting layer. A display panel, a display device and a method of manufacturing a display substrate are further disclosed.