The invention relates to the technical field of medical instruments, and discloses an electrode structure and a balloon. The electrode structure comprises a tube body, an inner electrode and an outer electrode, a tube body cavity is formed in the tube body, and a discharge channel which extends in the axis direction of the tube body and is communicated with the peripheral wall of the tube body is formed in the tube body; the inner electrode is arranged in the discharge channel; the outer electrodes are arranged on the outer peripheral walls of the two sides of the discharge channel, and the inner electrodes and the outer electrodes are conducted in a closed loop; the inner electrode, the outer electrode and the tube body are integrally formed. When the inner electrode and the outer electrode are conducted, breakdown can be carried out at the discharge channel, and then shock waves are generated and used for a focus part needing to be treated; the inner electrode, the outer electrode and the tube body are integrally formed, so that the bonding procedure in the prior art is reduced, machining is more convenient, meanwhile, the connection firmness of the inner electrode and the outer electrode is guaranteed, and then the stability of generated shock waves is guaranteed.