Embodiments of the invention disclose a color filter substrate comprising: an underlying substrate; a semi-transparent and semi-reflecting layer formed on the underlying substrate; and a black matrix and a color filter layer formed on the semi-transparent and semi-reflecting layer. The black matrix and the color filter layer are formed on a side of the semi-transparent and semi-reflecting layer opposite from the underlying substrate. Other embodiments of the invention further disclose a method for manufacturing the color filter substrate, and a display device comprising the color filter substrate.