A speaker module for a portable terminal is provided. The speaker module includes an upper case constituting a part of a module housing, a speaker unit, including a magnetic body, a voice coil and a vibration plate, formed in the upper case and a vibration motor, which is installed in the upper case and on one side of the speaker unit. The speaker module as structured above can secure a sufficient sound pressure and a sound volume in a portable terminal having a slim construction, makes it easier to secure space for installation within a portable terminal having a small size and slim construction in such a manner that a vibration motor, etc. are received and integrated in a module housing, and can improve the quality of sound in a portable terminal by achieving improved smoothness of output sound pressure in an audio frequency range.