A dual-frequency coaxial earphone includes a frame, a shared yoke, a high frequency speaker part, and a low frequency speaker part. The high frequency speaker part and the low frequency speaker part are coaxially arranged at inside and outside of the shared yoke, and are coaxial with a central opening of the frame. Further, a permanent magnet of the higher frequency speaker part is contrary, in polarity, to an annular magnet of the low frequency speaker part. Therefore, acoustic frequency of the low frequency speaker part can be phase-countered by passing thereof through an acoustic annular recess, so that the acoustic frequency of the low frequency speaker part has the same phase as the acoustic frequency of the high frequency speaker part and both then are output synchronally. The high frequency speaker part and the low frequency speaker part can then be separated, in acoustic frequency, from each other. This will effectively solve the problem of intermodulation of distortion for the high and low acoustic frequencies, and reduce the size of the earphone to more compact.