The disclosure provides a display substrate and a method of fabricating the same, and a display panel. The display substrate includes: a substrate; a transistor structure on the substrate; a flexible circuit board having one end coupled to the transistor structure, and the other end capable of being bent to a side of the substrate away from the transistor structure; and a blocking conductive layer on the flexible circuit board and configured to block an interference electric field in an external environment from affecting the display substrate.