A substrate and a manufacturing method thereof, and a display device are provided. The substrate comprises a base substrate (101), a metal black matrix (111) and an anti-reflection pattern (112A, 112B) for reducing optical reflectivity of the metal black matrix (111), which are arranged on the base substrate (101), and the anti-reflection pattern (112A, 112B) is arranged on a side of the metal black matrix (111) close to a light emission side of the substrate. The anti-reflection pattern (112A, 112B) reduces reflectivity of the metal black matrix (111) on outside ambient light, increases a display contrast of a display device that includes the substrate, and thus improves display quality of the pictures.