A coaxial speaker includes a frame, a magnetic steel component, a magnetic component, a magnetic conductive component, a first cover, a first speaker assembly, and a second speaker assembly. The magnetic steel component, the magnetic component, and the magnetic conductive component are disposed inside the frame sequentially. A first accommodating space is formed among the magnetic component, the magnetic conductive component, and the magnetic steel component. A second accommodating space is formed among the magnetic component, the magnetic conductive component, the magnetic steel component, and the frame. The first speaker assembly is fixed between the first cover and the frame and is disposed in the first accommodating space for producing low and middle audio frequencies. The second speaker assembly is fixed on the first cover and disposed in the second accommodating space for producing high audio frequencies. In such a way, the coaxial speaker has enhanced sound quality.