The present disclosure provides a display substrate, a method for preparing the same, and a flexible display device, and belongs to the technical field of display. Among them, the display substrate includes: a base substrate; a metal pattern located on the base substrate, and an anti-reflection pattern located on a surface of the metal pattern proximate to the base substrate; in which a material of the anti-reflection pattern includes molybdenum oxide doped with a refractory metal, and a melting point of the refractory metal is greater than a temperature threshold. The technical solution of the present disclosure is capable of reducing the reflection of ambient light by the display substrate.