The invention discloses an array substrate, a preparation method thereof, a display panel and a display device. At least two public electrode slots are formed. The problem that adjacent pixels are affected to cause color mixing is avoided, and meanwhile the liquid crystal efficiency is improved. The array substrate comprises a plurality of grid lines and a plurality of data lines which are crossed. A plurality of pixel areas are defined by the crossed grid lines and data lines. Each pixel area comprises a thin film transistor and further comprises a first insulation layer, a metal layer, a second insulation layer, a pixel electrode and a public electrode, wherein the first insulation layer is arranged above the thin film transistor and the corresponding data line, the metal layer is arranged above the first insulation layer, the second insulation layer is arranged above the metal layer, the pixel electrode and the public electrode are arranged above the second insulation layer, and a third insulation layer is arranged between the pixel electrode and the public electrode. The public electrode in each pixel area at least comprises two slots. The metal layers cover the data lines.