Embodiments of this application provide an audio playback circuit and a terminal. The audio playback circuit includes: a first current path, configured to shunt a current output by a left-channel circuit to adjust a second voltage fed back to a first end of a right-channel headset when the left-channel circuit outputs a left-channel audio signal, where when the left-channel circuit outputs the left-channel audio signal and a right-channel circuit does not output a right-channel audio signal, the second voltage is equal to a voltage at a second end of a right-channel headset; and a second current path, configured to shunt a current output by the right-channel circuit to adjust a first voltage fed back to a first end of a left-channel headset when the right-channel circuit outputs the right-channel audio signal. The audio playback circuit in the embodiments of this application can improve isolation between a left channel and a right channel.