Disclosed are a micro light emitting diode substrate, a manufacturing method thereof, and a display device. At first step, providing a first growth substrate having a first growth surface which is provided with a first color micro light emitting diode unit; at second step, providing a receiving substrate having a receiving surface on which a plurality of receiving pads are arranged at intervals; at third step, fitting the first growth substrate to the receiving substrate such that each first color micro light emitting diode unit at a transfer position is fitted to one receiving pad; at fourth step, fixing the first color micro light emitting diode unit to the receiving surface through the receiving pad; at fifth step, peeling off the first color micro light emitting diode unit from the first growth substrate, to obtain the receiving substrate on which the first color micro light emitting diode unit is fixed.