A repulsion magnetic circuit type loudspeaker which is compact and easy to assemble, and a method of easily manufacturing such a repulsion magnetic circuit type loudspeaker by using conventional loudspeaker manufacturing lines. The repulsion magnetic circuit has two magnets magnetized in the thickness direction and disposed with the same polarity being faced each other, and a center plate being squeezed between the two magnets. A magnetic field is generated by repulsive fluxes at the outer peripheral area of the center plate. A voice coil is disposed in the magnetic field. In the manufacturing method, a coupling member of either a concave or a convex is formed at each of the contact planes of the magnets and center plate. The coupling members are engaged with each other to assemble the repulsion magnetic circuit. The repulsion magnetic circuit is mounted on a speaker frame with position alignment therebetween, by forming a convex or concave at the speaker frame, the convex or concave matching a concave or convex formed at the lower magnet.