A display substrate includes: a base substrate having a display area and a peripheral area surrounding the display area; an electroluminescent device disposed on the base substrate and located in the display area, the electroluminescent device including an anode, an electroluminescent layer, and a cathode disposed in this order on the base substrate; a negative power line disposed on the base substrate and located in the peripheral area, the negative power line extending along a side of the base substrate and being electrically connected to the cathode; and an insulating layer between the base substrate and the negative power line, a side of the insulating layer close to the negative power line being provided with at least a trench. The trench is located in the peripheral area and extends in an extending direction of the negative power line, a part of the negative power line being located in the trench.