A speaker assembly and an earphone are provided. The speaker assembly includes a housing assembly, an air conduction speaker, and a bone conduction speaker. The housing assembly is provided with an accommodation space. The air conduction speaker is disposed in the accommodation space. The bone conduction speaker is disposed in the accommodation space. The housing assembly further provided with a sound output hole and a pressure relief hole that are in communication with the accommodation space. The sound output hole and the pressure relief hole are respectively configured to conduct a portion of sound waves generated by the air conduction speaker to an external environment. The pressure relief hole and the sound output hole are respectively located on two opposite side surfaces of the housing assembly.