A pixel structure and a manufacturing method thereof, an array substrate and a display device are provided. The pixel structure includes: a signal line; a common electrode line an extension direction of which is same as an extension direction of the signal line; a transistor including a semiconductor layer which includes a source region and a drain region; a first storage electrode which is insulated from the common electrode line and is connected with the drain region of the semiconductor layer; and a second storage electrode which is connected with the common electrode line and is insulated from the first storage electrode. In the pixel structure, portions, between the signal line and the common electrode line, of the first storage electrode and the second storage electrode includes overlap with each other to form a first storage capacitance.