The invention provides a display substrate and a display device, and can solve the problems that, in the existing display technology, the driving voltage required for driving the blue-phase liquid crystal is higher, and there is large difficulty for manufacturing the wall-like electrodes and poor feasibility of process if the wall-like electrodes are used for driving. A display substrate of the invention comprises a base, and a first electrode and a second electrode arranged on the base, the first electrode having a closed ring shape, the second electrode being arranged in the ring shape of the first electrode, and a height of the second electrode being larger than that of the first electrode. A display device of the invention comprises the above display substrate, a first substrate opposite to the display substrate, and a blue-phase liquid crystal layer between the first substrate and the display substrate.