A light-emitting substrate includes a pixel layer including a plurality of sub-pixels. Each sub-pixel includes a light-emitting element, a first light extraction layer, a first material layer, and a second material layer. The light-emitting element is configured to emit light of a first color. The first light extraction layer is configured to deflect the light emitted from the light-emitting element into the first material layer at a preset angle. The first material layer and the second material layer are configured to enable the light deflected at the preset angle to propagate in the first material layer and the second material layer. The plurality of sub-pixels include at least one first sub-pixel. Of a first material layer and a second material layer included in the at least one first sub-pixel, at least the second material layer includes a first light conversion material.