The present invention relates to a multi-way earphone. The multi-way earphone includes a housing having a storage space; a first sound part included in the storage space of the housing and outputting a sound by converting an electric signal; and a second sound part placed in a longitudinal direction from the first sound part and outputting a sound of a different band from the sound outputted by the first sound part. The housing forms a first mobile path for delivering the sound outputted by the first sound part to the outside along an inner surface of the housing. The second sound part includes a unit cap forming a second mobile path for outputting the sound outputted by the second sound part separately from the sound passing through the first mobile path. Therefore, an earphone having improved stereo performance is provided, compared to an existing earphone. According to the present invention, a 3D sound is provided to a listener as the stereo performance is improved.
