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 having a first cam profile (P1) and an inner cam structure surrounded by the outer cam structure and having a second cam profile (P2) different from the first cam profile (P1); wherein the outer cam structure includes an outer mountain portion having an outer cam line inclined at a first specified angle (x1) with respect to a first imaginary line (L1) perpendicular to an interlocking axis (Rx1, Rx2), and wherein the inner cam structure includes an inner mountain portion having an inner cam line inclined at a second specified angle with respect to the first imaginary line (L1); 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 having a first cam profile (P1) and an inner cam structure surrounded by the outer cam structure and having a second cam profile (P2) different from the first cam profile (P1); wherein the outer cam structure includes an outer mountain portion having an outer cam line inclined at a first specified angle (x1) with respect to a first imaginary line (L1) perpendicular to an interlocking axis (Rx1, Rx2), and wherein the inner cam structure includes an inner mountain portion having an inner cam line inclined at a second specified angle with respect to the first imaginary line (L1); and wherein the inner cam line and the outer cam line are curved lines. <EOS>