Display substrate and manufacturing method thereof, and display device

A display substrate and a manufacturing method thereof, and a display device are provided. The manufacturing method of the display substrate includes: forming light emitting units of at least two colors on a base substrate, which includes: forming a first electrode, a light emitting layer and a second electrode on the base substrate. An electrode sub-layer and a transparent structure are formed on the base substrate to form the first electrode. A first transparent conductive layer, a transparent etching barrier layer and a second transparent conductive layer are formed on a side of the electrode sub-layer away from the base substrate to form the transparent structure of the first color light emitting unit. An etching rate of the first transparent conductive layer and an etching rate of the second transparent conductive layer are substantially identical, and thicknesses of transparent structures in different light emitting units are different.