The invention discloses a key structure and wearable equipment, the key structure comprises a shell, a trigger assembly and a key assembly, the shell is provided with a mounting cavity and a key hole communicated with the mounting cavity, the trigger assembly is arranged in the mounting cavity and corresponds to the key hole, the key assembly comprises a pressing piece and a key rod, at least part of the key rod is movably arranged in the key hole and corresponds to the trigger assembly, and one end of the pressing piece movably penetrates through the key hole and is detachably connected with the end, away from the trigger assembly, of the key rod; and the pressing piece is pressed and / or rotated, so that the key rod is driven to trigger the triggering assembly. The invention aims to provide the detachable waterproof key structure, the key is convenient and quick to replace, the key structure is applied to the wearable equipment, the convenience of a user is effectively improved, the appearance of the wearable equipment can be more diversified, and the decoration requirement of the user is met.