The invention provides a display substrate and a display device, belongs to the technical field of display, and can solve the problems that light is reflected in the display substrate to cause color mixing, the sensitivity of an under-screen sensor is reduced, and the emission rate of a COE structure is high. The display substrate comprises a substrate body, a plurality of light-emitting devices arranged on the substrate body, a pixel limiting layer, a packaging layer, a reflecting layer and a light absorption material layer. The pixel defining layer is provided with a plurality of accommodating parts; each of the plurality of light-emitting devices comprises a first electrode layer, a light-emitting layer and a second electrode layer which are sequentially arranged on the substrate and are laminated; a first electrode layer of the light-emitting device is located on the side, close to the substrate, of the pixel limiting layer; the position of one accommodating part corresponds to the position of one first electrode layer; the packaging layer is located on the side, away from the substrate, of the second electrode layer of the light-emitting device; and the reflecting layer is arranged on the side, away from the substrate, of the packaging layer and is provided with a plurality of first openings.