The invention discloses a modified acrylate adhesive resin and a production process of the same, a photosensitive resin composition, a display substrate, and a liquid crystal panel. This resin can improve the compression displacement and elastic recovery rate of the column-like spacers between two substrates of the liquid crystal display. The modified acrylate adhesive resin disclosed by the invention is an acrylate adhesive resin modified by a terminal hydroxyl-containing polybutadiene polymer, and has the following general structural formula: in which formula Z is: wherein y1+y2+y3=1; and n is an integer of 3-30; in which formula R1 is a hydrogen atom or an alkyl group; R2 is an alkyl group or an aralkyl group; R3 is an aromatic carbon ring; x1 is an integer of 1-300; x2 is an integer of 1-300; x3 is an integer of 1-300; and x4 is an integer of 2-30. The resin of the invention can be used for producing spacers.