The present disclosure provides a color filter substrate, comprising a base substrate, and a color filter matrix, a black matrix and spacers formed in order on the base substrate, the color filter matrix being consisted of a plurality of red, green and blue photoresists. The red, green and blue photoresists are respectively and separately formed within corresponding pixel regions, and are overlapped with one another to form three-layer stacked structures within gap regions between adjacent pixel regions, and, the black matrix and the spacers are sequentially formed on the stacked structures within the pixel regions. The present disclosure further provides a method of manufacturing a color filter substrate, an organic light emitting display panel and a display device. With the solutions of the present disclosure, the red, green and blue photoresists are arranged to overlap with one another to form the stacked structures within the gap regions between adjacent pixel regions, so that the height of the color filter substrate can be increased, the manufacturing height of the spacers is decreased and the process implementation difficulty is reduced, thereby improving the production yield of the color filter. Moreover, the barrier layer can also greatly reduce residues of the material of the black matrix, further improving the production yield of the color filter substrate.