A color filter array substrate, a method for fabricating the same and a display device are provided. The color filter array substrate comprises an array substrate (310), and a black matrix (320), a color filter layer (341, 342, 343) and a reflection layer (330) formed on the array substrate (310); wherein the black matrix (320) comprising a plurality of openings defining sub-pixel regions; the color filter layer (341, 342, 343) and the reflection layer (330) are disposed in the plurality of openings and the reflection layer (330) is disposed on a side of the color filter layer (341, 342, 343) that is close to the array substrate (310).