A display substrate, a display apparatus, and a visible light communication system are disclosed. The display substrate includes an effective display region and a peripheral region surrounding the effective display region, the display substrate includes a base substrate, and a display unit, a light receiving unit, and a light emission unit on the base substrate. The display unit is in the effective display region and includes multiple light emitting sub-pixels; the light receiving unit is in at least one of a first light transceiving region and a second light transceiving region, the light emission unit is in at least one of a first light transceiving region and a second light transceiving region. The first light transceiving region is in the peripheral region and is an annular region surrounding the effective display region, and the second light transceiving region is between multiple light emitting sub-pixels of the effective display region.