The present disclosure provides a display substrate and a manufacturing method thereof, and a display device. The display substrate includes a base substrate and a driving circuit layer located on the base substrate, each of the plurality of pixel units comprises a light emitting element, wherein a display surface of the display substrate comprises a central display region and a plurality of peripheral display regions located around the central display region, a light emitting element in the central display region is an organic light emitting diode, and a light emitting element in at least one of the plurality of peripheral display regions is a micro light emitting diode.