The invention is aimed at providing an installation structure for an acoustic transducer, wherein the structure can prevent or minimize vibration of a cover member even when the cover member is fixed to a main body of an acoustic transducer. The invention is also aimed at providing a musical instrument with the installation structure for an acoustic transducer. The installation structure for an acoustic transducer includes: an acoustic transducer, a support portion and a cover member. The support portion includes a base plate portion to be held in surface contact with the housing so as to be fixed thereto, a first fixing portion to which the main body of the acoustic transducer is fixed and which is configured to support the main body, and a second fixing portion to which the cover member is fixed, wherein the first and second fixing portions are connected to the base plate portion independently of each other.