An array substrate and a display device are disclosed. A coating layer (8) is disposed between a base substrate (1) and a first transparent conductive oxide film layer (2), a refractive index of the coating layer (8) is bigger than that of the base substrate (1) and smaller than that of the first transparent conductive oxide film layer (2). A multi-layer reflection phenomenon caused by the relatively big difference between the refractive indexes of the base substrate 1 and the first transparent conductive oxide film layer 2 can be weakened, thereby the light transmission rate of the array substrate may be improved.