A display module and a display device are provided in the embodiments of the present disclosure. The display module includes a display panel, the display panel includes a first surface and a second surface opposite to each other, at least one of the first surface and the second surface is a display surface, and the display module further includes an optical modulation structure arranged on at least one of the first surface and the second surface of the display panel. The optical modulation structure includes: a first transparent substrate and a second transparent substrate arranged opposite to each other, a charged particle arranged between the first transparent substrate and the second transparent substrate, and a first transparent electrode structure arranged between the first transparent substrate and the second transparent substrate and configured to form an electric field for driving the charged particle to move.