The present invention provides a speaker module comprising a peripheral frame and speaker units housed in the peripheral frame, and the peripheral frame is provided with sound holes in communication with the outside, a front acoustic cavity in communication with the sound holes is defined between one side of the speaker units and the peripheral frame, and a rear acoustic cavity is defined between the peripheral frame and another side of the speaker units away from the front acoustic cavity; in which the speaker units are provided in plurality, and the rear acoustic cavity is divided into the same number of rear sub-cavities as that of the speaker units, and each of the speaker units corresponds to one of the rear sub-cavities and is in communication with its corresponding rear sub-cavity. The above structure makes it easier to adjust the acoustic performance and improves the stereo effect of the product.