A display substrate and a display panel are provided. The display substrate includes a base substrate; a display region, on the base substrate and including a plurality of sub-pixels arranged in an array; each of the plurality of sub-pixels includes a light-emitting element and a pixel circuit that drives the light-emitting element to emit light, and the pixel circuit includes a driving sub-circuit, a data writing sub-circuit, a threshold compensation sub-circuit, and a reset sub-circuit; the reset sub-circuit includes a first reset transistor and a second reset transistor, the threshold compensation sub-circuit includes a threshold compensation transistor and a storage capacitor, an orthographic projection of the second reset transistor on the base substrate is between an orthographic projection of the first reset transistor on the base substrate and an orthographic projection of the threshold compensation transistor on the base substrate.