A display substrate and a manufacturing method therefor, and a display device. The display substrate comprises a plurality of island areas that are spaced apart from each other, a plurality of hole areas, and bridge areas for connecting adjacent island areas. The island areas or/and the bridge areas comprise an edge area adjacent to the hole area; the edge area comprises a composite structure layer provided on a base substrate; a stepped structure is formed at a side surface of the composite structure layer facing the hole areas; the edge area further comprises an inorganic encapsulation layer disposed on the composite structure layer and the stepped structure.