The invention discloses a loudspeaker, which comprises a shell assembly, a diaphragm assembly and an upper cover. The upper cover is arranged above the diaphragm assembly; the upper cover and the diaphragm assembly are fixedly arranged inside an upper edge step of the shell; and the shell assembly comprises an upper edge step of the shell, a magnet yoke, a magnet, a magnetic conducting plate and an elastic structure which connects the upper edge step of the shell and the magnet yoke into a whole, wherein the magnet yoke has a groove structure; the magnet is arranged inside the groove; and the magnetic conducting plate is arranged above the magnet. The diaphragm assembly comprises an elastic sheet, a vibrating diaphragm and a coil, wherein the vibrating diaphragm is connected with an annular structure of the elastic sheet; and the coil is arranged at a curved surface junction of the vibrating diaphragm and is arranged inside the magnet yoke. Due to the arrangement of the elastic structure, the loudspeaker has the bone conduction characteristic, fulfills the aims of protecting the hearing of a user and producing perfect sound, and also has the advantages of simple and convenient manufacturing technology, high compatibility with conventional products, and easy replacement.