The invention discloses a backlight module and a display device. The backlight module comprises the components of a power supply circuit which at least comprises a first transformer and a second transformer that are independently controlled; at least one energy storage circuit; and a backlight source module which at least comprises a first backlight source unit and a second backlight source module that are independently controlled. Through the manner of the invention, the number of components in the circuit can be effectively reduced, thereby simplifying the circuit structure. Furthermore, through adding the number of backlight source units in the backlight source module and utilizing the first transformer and the second transformer which are independently controlled for supplying power to the first backlight source module and the second backlight source unit, light emitting strengths of the backlight source modules are increased in a safe current range along with the current strength change, thereby ensuring long service life of the backlight source module and effectively improving an HDR effect of the backlight source module.