Disclosed are a speaker module and an earphone. The speaker module includes a first speaker unit, a bracket, and a second speaker unit. The first speaker unit includes a basin frame and a wiring terminal. The wiring terminal is disposed on the basin frame. The bracket includes an electrically conductive portion. The second speaker unit is fastened to the basin frame by using the bracket. An electrode of the second speaker unit is electrically connected to the wiring terminal by using the electrically conductive portion.