Embodiments of this application provide a speaker module and a portable electronic device. The speaker module includes a first speaker module and a second speaker module. The first speaker module includes a first housing and a first speaker monomer accommodated in the first housing, and the first speaker monomer has a first diaphragm. The second speaker module includes a second housing and a second speaker monomer accommodated in the second housing, and the second speaker monomer has a second diaphragm. The first speaker module and the second speaker module are sequentially disposed in a vertical direction, and a vibration direction of the first diaphragm is opposite to a vibration direction of the second diaphragm, so that momentum variations (mv) Δ of the speaker module are offset against each other, thereby resolving a problem that a vibration feeling is strong when the speaker module works.