The present application provides a display module and a display device, wherein a display panel is provided with an opening; a cover plate covers the display panel and has a first refractive index; a camera module is disposed corresponding to the opening; a light-transmitting body is disposed in the opening and has a second refractive index; and a spacer layer is disposed between the external camera module and the light-transmitting body and has a third refractive index, wherein the second refractive index is greater than or equal to the first refractive index, and the second refractive index is greater than the third refractive index.