A display module and an electronic device are provided, the display module including: an upper substrate including a first electrode provided on the substrate, and a plurality of projections provided on a first surface of the upper substrate and arranged in a matrix; a lower substrate including a second electrode provided on the lower substrate, and a plurality of grooves provided on a first surface of the lower substrate; and an inverted emulsion. The first surface of the upper substrate is on the first surface of the lower substrate, each projection matches a groove corresponding thereto to form an accommodating space, and the inverted emulsion is filled in the accommodating space.