A micro-speaker includes a vibration unit including a diaphragm assembly and a voice coil assembly, a magnetic circuit unit including a yoke including a voice coil bobbin and a voice coil affixed to the voice coil bobbin, and a magnet provided on the yoke, and a holder including a holder bottom wall abutting against the yoke, a holder sidewall extending from a side of the holder bottom wall close to the magnet along a direction facing away from the yoke and forming a magnetic gap with the magnet in which the voice coil is disposed, and a magnetism shielding wall formed by extending from a side of the holder sidewall facing away from the yoke while being bent towards the voice coil, a side of the magnetism shielding wall facing away from the diaphragm being provided with a hollow annular magnetic conductive sheet spaced apart from the voice coil.