The present invention provides a display substrate and a manufacturing method thereof, a touch panel comprising the display substrate, and a display device. The display substrate comprises: a first substrate; a thin film transistor, a first electrode and a second electrode formed on one side of the first substrate; and a black matrix and a color filter layer formed on the other side of the first substrate, wherein at least one of the black matrix and the color filter layer is made of conductive material, a display electric field is formed between the first electrode and the second electrode, and a touch-control electric field is formed between the first electrode and the black matrix and/or the color filter layer. The solution of the invention can improve accuracy of determination of location where touch occurs and display quality, and reduce thickness of the display substrate.