A loudspeaker includes a frame; a vibration system having a membrane, a voice coil for driving the membrane to vibrate, and an elastic support piece opposite to the membrane for elastically supporting the voice coil; a magnetic circuit system. The elastic support piece includes a diaphragm and a flexible circuit board fixedly connected to the diaphragm. The diaphragm includes a first connecting part, a second connecting part and a first folding ring part connecting the first connecting part and the second connecting part. The membrane includes a second folding ring part corresponding to the first folding ring part. The first folding ring part is a convex structure bulging toward the membrane, the second folding ring part is a concave structure sinking toward the diaphragm; the diaphragm and the voice coil transmit electrical signals with the external circuits through the flexible circuit board.