A fabricating method of color filter substrate includes a step of forming a black matrix pattern and a color filter layer pattern on a substrate. The black matrix pattern partitions a plurality of sub-pixel regions on the substrate, the color filter layer covers over the plurality of sub-pixel regions, the sub-pixel region includes a transmissive region and/or a reflective region. Before forming the color filter layer pattern the fabricating method further comprises a step of forming a plurality of recesses on the substrate. Each transmissive region in the sub-pixel regions corresponds to a respective recess in terms of location. Correspondingly, the invention provides a color filter substrate fabricated by such fabricating method, as well as a display device comprising such color filter substrate. The fabricating method as provided by the present invention can achieve an effect of color coordination and reduce the number of processes and the thickness of the planarizing protective layer.