A display substrate including a base substrate including a plurality of pixel areas, each of the plurality of pixel areas including an emission area and a transmission area, a pixel circuit layer disposed in the emission area and including at least one transistor, a pixel electrode disposed on the pixel circuit layer and connected to the pixel circuit layer, a hole injection layer selectively disposed on the pixel electrode in the emission area, an emission layer disposed on the hole injection layer of the emission area, an electron injection layer disposed on the base substrate on which the emission layer is disposed; and a common electrode disposed on the base substrate on which the electron injection layer is disposed.