An electronic device comprising: a first housing; a second housing configured to move relative to the first housing; a display disposed in the first housing and the second housing; and a hinge module connecting the first housing and the second housing to be rotatable from a folded state to an unfolded state, wherein the hinge module includes: a first rotation member connected to the first housing; a second rotation member connected to the second housing; a rotation bracket in which the first rotation member and the second rotation member are disposed; a first arm member connected to the first rotation member and including a first cam structure; a second arm member connected to the second rotation member and including a second cam structure; and a third cam structure facing the first cam structure and the second cam structure; and characterized in that each of the first cam structure and the second cam structure includes an outer cam structure (312, 322) having a first cam profile and an inner cam structure (315, 325) surrounded by the outer cam structure (312, 322) and having a second cam profile different from the first cam profile; wherein the outer cam structure (312, 322) includes an outer mountain portion having an outer cam line inclined at a first specified angle with respect to a first imaginary line perpendicular to an interlocking axis (Rx1, Rx2), and wherein the inner cam structure (315, 325) includes an inner mountain portion having an inner cam line inclined at a second specified angle with respect to the first imaginary line; and wherein the inner cam line and the outer cam line are curved lines. a first housing; a second housing configured to move relative to the first housing; a display disposed in the first housing and the second housing; and a hinge module connecting the first housing and the second housing to be rotatable from a folded state to an unfolded state, wherein the hinge module includes: a first rotation member connected to the first housing; a second rotation member connected to the second housing; a rotation bracket in which the first rotation member and the second rotation member are disposed; a first arm member connected to the first rotation member and including a first cam structure; a second arm member connected to the second rotation member and including a second cam structure; and a third cam structure facing the first cam structure and the second cam structure; and a first rotation member connected to the first housing; a second rotation member connected to the second housing; a rotation bracket in which the first rotation member and the second rotation member are disposed; a first arm member connected to the first rotation member and including a first cam structure; a second arm member connected to the second rotation member and including a second cam structure; and a third cam structure facing the first cam structure and the second cam structure; and characterized in that each of the first cam structure and the second cam structure includes an outer cam structure (312, 322) having a first cam profile and an inner cam structure (315, 325) surrounded by the outer cam structure (312, 322) and having a second cam profile different from the first cam profile; wherein the outer cam structure (312, 322) includes an outer mountain portion having an outer cam line inclined at a first specified angle with respect to a first imaginary line perpendicular to an interlocking axis (Rx1, Rx2), and wherein the inner cam structure (315, 325) includes an inner mountain portion having an inner cam line inclined at a second specified angle with respect to the first imaginary line; and wherein the inner cam line and the outer cam line are curved lines.