The invention discloses a color filter array substrate, a display device, and a manufacturing method of the color filter array substrate. The color filter array substrate comprises a substrate, a thin film transistor array formed on the substrate, and a color filter formed on the thin film transistor array, wherein the color filter array substrate further comprises a black matrix formed on the color filter, and a planarization layer formed on the black matrix. In the invention, position of the black matrix in the color filter array substrate is changed, and the planarization layer is formed on the black matrix, so that the black matrix is isolated from the first and second electrode layers, thus the black matrix is effectively prevented from affecting the electric field between the first and second electrode layers.