A pixel arrangement structure and a display device are provided. The pixel arrangement structure includes a plurality of repeating units. The repeating units include a first sub-pixel, a second sub-pixel, a third sub-pixel, and a fourth sub-pixel. Center points of the first sub-pixel, the second sub-pixel, the third sub-pixel, and the fourth sub-pixel in a same repeating unit form a quadrilateral. Four adjacent sub-pixels in adjacent repeating units constitute a shared pixel, and the shared pixel includes at most two sub-pixels belonging to the same repeating unit.