The embodiment of the present application discloses a display substrate, a display panel and a manufacturing method of the display substrate. The display substrate comprises a base substrate and a composite structure layer. The composite structure layer comprises a conductive layer and a colloidal medium layer. The colloidal medium layer comprises a plurality of conductive particles. The plurality of conductive particles are located at a position of the colloidal medium layer close to the conductive layer to form a conductive particle part. The present application can reduce the height difference between the conductive layer and the edge of the conductive particle part, and reduce the risk of fracture or breakdown.