The invention discloses a resistive device and manufacturing method thereof, a manufacturing method of a display substrate, and a display device, belonging to the field of electronic manufacturing. The manufacturing method of the resistive device includes forming a first electrode layer; forming an elemental carbon layer and a transition metal oxide layer that are in surface contact with each other on the first electrode layer, annealing the elemental carbon layer and the transition metal oxide layer that are in surface contact with each other so that the elemental carbon layer is at least partially volatilized in the form of a gas by the oxidation reduction reaction with the transition metal oxide layer and the transition metal oxide layer is changed from the oxygen vacancies generated therein to the resistive material; and forming a second electrode layer. The problem that the resistance characteristic of the resistive device is difficult to be adjusted in the manufacturing process can be solved and the production process of the high-quality and low-cost resistive device can be realized.