A vibration motor is provided, comprising a case having an upper case and a lower case which are coupled to each other; a shaft installed in the case while being supported by the case; a rotor rotatably coupled with the shaft; a stator arranged around the shaft; a first substrate installed on an upper surface of the lower case; and a second substrate coupled to a lower surface of the lower case and electrically connected to the first substrate. The lower case has a first opening and the first substrate is electrically connected to the second substrate through the first opening.