Disclosed is a multi-magnet system for speaker. The multi-magnet system includes a yoke having a bottom, a pair of main magnets separated from each other and mounted on the bottom of the yoke, respectively, a mid-magnet mounted on the bottom of the yoke and located between the pair of main magnets, and a pair of auxiliary magnets attached to two ends of the yoke. Wherein, the first main magnet together with the first auxiliary magnet and the mid-magnet defines a first magnetic gap and the second main magnet together with the second auxiliary magnet and the mid-magnet defines a second magnetic gap. By virtue of place the magnets at appropriate locations, the sensitivity of the speaker is effectively enhanced.