A display substrate includes an underlaying substrate, a display structure layer arranged on the underlaying substrate, and a light regulation layer arranged at a light exiting side of the display structure layer. The display structure layer includes multiple sub-pixels. An orthographic projection of the light regulation layer on the underlaying substrate does not overlap with opening regions of the multiple sub-pixels. The light regulation layer is configured to adjust an emergent direction of light of at least one color emitted from the display structure layer.