The present application provides a display substrate, a method of manufacturing the same and a display panel. The display substrate includes pixel units each including a light emitting region and a transparent display region. A light emitting element including a first electrode, a light emitting functional layer and a second electrode is provided in the light emitting region, and second electrodes of light emitting elements forms a second electrode layer having an integral structure. The display substrate further includes an auxiliary electrode in the light emitting region and an auxiliary connection member made of a transparent conductive material. A portion of the auxiliary connection member is in the light emitting region and electrically coupled with the auxiliary electrode and another portion thereof is in the transparent display region and electrically coupled with the second electrode layer.