A backlight module and a display device are disclosed. The backlight module includes: a back plate (1); a middle frame (3) disposed on the back plate (1); a light-emitting substrate (2) disposed on the back plate (1) and in the middle frame (3), the light-emitting substrate (2) including a first light-emitting area (203) and a second light-emitting area (204) surrounding the first light-emitting area (203), and the second light-emitting area (204) being close to an edge of the light-emitting substrate (2); a light compensation structure (100) close to the edge of the light-emitting substrate (2), the light compensation structure (100) including one or more light conversion materials. The backlight module and the display device can improve the display effect.