Display module and display device

The invention provides a display module and a display device. The display module comprises a backlight module and a display panel located on the light emitting side of the backlight module. The display panel comprises a light shielding layer, and the light shielding layer is provided with a plurality of light holes arranged at intervals. The display module further comprises a first light modulation structure located between the light shielding layer and the backlight module and a second light modulation structure located on the side, away from the light shielding layer, of the first light modulation structure. The first light modulation structure is configured to separate incident light from the backlight module into first polarized light and second polarized light of which the polarization directions are perpendicular to each other, and enable at least part of the separated first polarized light to enter the light hole; converting at least part of the second polarized light obtained by separation into third polarized light incident to a second light modulation structure; the second light modulation structure is configured to enable the third polarized light incident to the second light modulation structure to be converted into fourth polarized light incident to the first light modulation structure, and the polarization direction of the fourth polarized light is the same as that of the first polarized light. The light utilization rate of the backlight module can be improved.