A display substrate, a manufacturing method thereof and a display apparatus are provided. The display substrate includes a base substrate structure and a display structure on the base substrate structure, the display structure includes a plurality of light emitting units and is divided into multiple light-transmissive regions and multiple opaque regions; and a driving circuit for driving the display structure to display and comprising a pixel driving circuit between the base substrate structure and the display structure, and a peripheral circuit driving the pixel driving circuit and arranged on a side of the base substrate structure distal to the display structure and in the opaque regions, and the peripheral circuit is coupled to the pixel driving circuit through at least one through hole formed in the base substrate structure. The display substrate can realize frameless display, which is beneficial to realize seamless splicing display of a plurality of display substrates.