Disclosed herein is an earphone module having a speaker capable of reproducing both high- and low-pitched sounds. In an earphone module according to the present invention, two coils and terminal members configured to be electrically connected to the two coils are provided, the two coils and the terminal members are assembled by electrically connecting the two coils and the terminal members to each other, and then the terminal members are connected to an external input circuit through the exposure window of a housing. Accordingly, the manufacturing operation is facilitated and the defect rate is reduced, so that the mass productivity is improved.