An antenna module includes: a first insulation medium substrate, including a first section provided with a first groove and a second section, where an integrated circuit is disposed in the first groove; a flexible substrate including a conductive structure, where the flexible substrate is stacked on the first insulation medium substrate, and a part that is of the flexible substrate and that is located between the first section and the second section is bendable; and an antenna structure, including a first metal structure that is disposed on the first section and that is connected to the conductive structure and the integrated circuit, and a second metal structure that is disposed on the second section and that is connected to the conductive structure. This avoids a warping problem caused by different thermal expansion coefficients of a plastic packaging material and a substrate, and reduces a risk of product failure.