Display substrate and preparation method therefor, and display apparatus

A display substrate, comprising: a flexible base (10), a first filling layer (61), and an encapsulation layer (40). The flexible base (10) comprises at least one stretched display area (A2). The stretched display area (A2) comprises a plurality of pixel island areas (100), which are spaced apart from each other, a plurality of hole areas (300), and connection bridge areas (200), which are located between the pixel island areas (100) and the hole areas (300). At least one hole area (300) is provided with one or more first through holes (K1), which run through the flexible base (10). The first filling layer (61) is located in the hole areas (300) and fills the first through holes (K1). The encapsulation layer (40) is located on the side of the first filling layer (61) that is away from the flexible base (10), and an orthographic projection of the encapsulation layer (40) on the flexible base (10) partially overlaps with or does not overlap with the first filling layer (61).