A transparent display substrate including a base substrate having a pixel area and a transmission area, a thickness of the base substrate at the transmission area being less than a thickness of the base substrate at the pixel area, a pixel circuit at the pixel area of the base substrate, an insulation structure covering the pixel circuit, the insulation structure having an opening or a concave portion at the transmission area of the base substrate, and a pixel electrode at the pixel area of the base substrate and extending at least partially through the insulation structure to be electrically connected to the pixel circuit.