Display device and display substrate

The utility model discloses a display device and a display substrate. The display substrate sequentially comprises a substrate, a middle layer provided with a light-emitting structure, a first insulation protection layer and a second insulation protection layer in the first direction. In the direction parallel to a first direction, the display substrate comprises a punching area, a display area surrounding the punching area, a middle area arranged between the punching area and the display area and a hollowed-out area, and the hollowed-out area is partially overlapped with the middle area in the first direction. The second insulation protection layer is cut off by the hollow area in the first direction; the first direction is perpendicular to one surface of the substrate and points to the direction of the second insulation protection layer. The second insulation protection layer is hollowed out in the hollowed-out area, pulling on the edge of the AA Hole when the second insulation protection layer shrinks and warps is reduced, and the situation that a film layer is Peelled, a water vapor invasion channel is formed, and GDSH is caused is prevented.