A display substrate includes a base substrate, a reflection-polarization member, a first electrode, an insulation layer and a pixel wall. The reflection-polarization member is disposed on the base substrate to reflect and polarize incident light. The first electrode is disposed in a unit pixel area of the reflection-polarization member. The insulation layer is disposed on the first electrode. The pixel wall is disposed on the insulation layer and defines the unit pixel area. Therefore, the entire area of a unit pixel may be used as a reflective area or a transmissive area, and thus an aperture ratio may be improved in a reflection mode or a transmission mode.