A method of manufacturing a display substrate includes forming a common electrode line, a gate line, a data line and a switching element connected to the gate and data lines on an insulation substrate. A first pixel electrode and an insulation layer are sequentially formed on the insulation substrate. A first photoresist pattern having a first hole and a second hole is formed from a first photoresist layer on the insulation substrate. A first transparent electrode layer is coated on the insulation substrate. A second photoresist layer is coated on the insulation substrate. The second photoresist layer is exposed and developed to form a second photoresist pattern remaining in the first hole and the second hole. The first transparent electrode layer is patterned using the second photoresist pattern, to form a second pixel electrode.