An earphone speaker including a conductive housing, a micro speaker module, and a circuit board is provided. The conductive housing has a holding space. The micro speaker module is disposed in the holding space. The circuit board is disposed outside the conductive housing, and has a first surface facing towards the conductive housing and a second surface corresponding to the first surface. A positive terminal and a negative terminal are disposed on the second surface and electrically connected to the micro speaker module. A conductive material layer is disposed on the first surface and electrically connected to the negative terminal, and the conductive material layer is directly contacted with the conductive housing.