This application provides a speaker module, including: a first enclosure, a speaker core, and a waterproof breathable film. The first enclosure is provided with an accommodating groove, the speaker core is mounted on the accommodating groove, the speaker core includes a sound diaphragm, a front sound cavity is formed between the sound diaphragm and the first enclosure, and a rear sound cavity is on a side that is of the sound diaphragm and that is away from the front sound cavity. The first enclosure is further provided with a resonant groove, a bottom of the resonant groove is provided with a communicating hole, and the resonant groove communicates with the front sound cavity through the communicating hole. The waterproof breathable film covers an opening that is of the resonant groove and that faces the rear sound cavity, to isolate the resonant groove from the rear sound cavity, so as to balance atmospheric pressure of the front sound cavity and the rear sound cavity when the speaker module does not work, avoid a problem that sound diaphragm is shifted and sound quality of the speaker module is affected due to different atmospheric pressure of the front sound cavity and the rear sound cavity, and improve the sound quality of the speaker module. This application further provides an electronic device.