A display substrate is disclosed. In one aspect, the display substrate includes a base substrate having a first refractive index and receiving external light and an insulating layer disposed below the base substrate and having a second refractive index different from the first refractive index. The display substrate also includes a pixel electrode disposed below the first insulating layer and a first compensation layer forming an interface with the insulating layer and having a third refractive index greater than the first refractive index and less than the second refractive index. The first compensation layer is disposed between the first insulating layer and the base substrate.