Disclosed in the present invention are a sound generation device and a portable terminal. The sound generation device comprises a vibration system and a magnetic circuit system, the vibration system and the magnetic circuit system being mounted and fixed to an housing. The housing comprises a first shell and a second shell that are connected and fixed together, the vibration system comprises a first diaphragm and the magnetic circuit system comprises a magnetic yoke, and wherein the first diaphragm is mounted on one surface of the first shell far away from the second shell, and the magnetic yoke and the second shell are injection molded as an integrated part. In the sound generation device of the present invention a conventional plastic housing is split into two shells, by fixing the magnetic yoke to the second shell by injection molding so that the magnetic yoke and the second shell become an independent part which is integrally arranged, it can reduce the assembling process of the Magnetic yoke and the housing, improve the assembling efficiency and connecting strength of the sound generation device, and can provide a bigger space for the magnetic circuit system and improve the product performance.