Disclosed is a coaxial speaker which reduces a product height and a magnetic circuit system cost and includes a first sounding unit, a second sounding unit coaxial with and surrounded by the first sounding unit, and a magnetic circuit system including a bottom plate, a first magnetic unit and a second magnetic unit spaced apart from the first magnetic unit for forming a first magnetic gap for the first sounding unit. The second magnetic unit includes a second magnet in an annular shape, a second yoke in an annular shape attached to the second magnet, and a third magnet in an annular shape attached to the second yoke. The bottom plate is provided with a bending wall locating inside the second magnetic unit, the bending wall is spaced apart from the second magnetic unit for forming a second magnetic gap for the second sounding unit.