An earphone including a base, a cover, a rotating plate, a speaker, a displacement transducer and a follower is provided. The cover is disposed on the base. The rotating plate is rotatably disposed between the base and the cover. The speaker is disposed between the base and the cover. The displacement transducer is fixed to the base and located between the base and the cover. The rotating plate is coupled to the follower, and the follower is coupled to displacement transducer. A head-mounted display is further provided.