The invention discloses a bone conduction sound production device and wearable equipment, the bone conduction sound production device comprises an external packaging structure, the external packaging structure is internally provided with a hollow cavity, and the hollow cavity is internally provided with a hollow-out elastic sheet, the hollow elastic sheet comprises an inner elastic sheet, an outer elastic sheet sleeved outside the inner elastic sheet and a plurality of connecting elastic sheets connected between the inner elastic sheet and the outer elastic sheet, and the outer elastic sheet is embedded on the external packaging structure; the exciter comprises an upper magnetic part, a lower magnetic part and an upper magnetic bowl connected between the upper magnetic part and the hollowed-out elastic part, and the upper magnetic part and the lower magnetic part are parallel, opposite and mutually isolated in the Z-axis direction; the inner elastic part is connected to an upper magnetic bowl of the exciter, and the hollowed-out elastic part is matched with the upper magnetic bowl to adjust the effective vibration region of the hollowed-out elastic part so as to adjust the resonant frequency point of the device. The wearable equipment provided with the bone conduction sound production device can transmit low-frequency signals, the transmission amplitude is moderate, the whole sound frequency band is balanced, and the user experience and the product sound quality are improved.