Disclosed are a display substrate and a display device. The display substrate includes a base substrate, which include a first display region and a second display region, the first display region includes a plurality of sub-display regions and a sub-light-emitting region; and a plurality of sub-pixels, which include first sub-pixels, second sub-pixels and third sub-pixels, the plurality of sub-pixels include a plurality of first pixel groups, which are located in the plurality of sub-display regions, and at least one of the first pixel groups includes at least one first sub-pixel, at least one second sub-pixel, and at least one third sub-pixel; and a plurality of first light-shielding layers, located in the plurality of sub-display region, an orthographic projection of the plurality of first pixel groups on the base substrate falls within an orthographic projection of the plurality of first light-shielding layers on the base substrate.