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Video Frame Interpolation synthesizes non-existent images between adjacent frames, with the aim of providing a smooth and consistent visual experience. Two approaches for solving this challenging task are optical flow based and kernel-based methods. In existing works, optical flow based methods can provide accurate point-to-point motion description, however, they lack constraints on object structure. On the contrary, kernel-based methods focus on structural alignment, which relies on semantic and apparent features, but tends to blur results. Based on these observations, we propose a structure-motion based iterative fusion method. The framework is an end-to-end learnable structure with two stages. First, interpolated frames are synthesized by structure-based and motion-based learning branches respectively, then, an iterative refinement module is established via spatial and temporal feature integration. Inspired by the observation that audiences have different visual preferences on foreground and background objects, we for the first time propose to use saliency masks in the evaluation processes of the task of video frame interpolation. Experimental results on three typical benchmarks show that the proposed method achieves superior performance on all evaluation metrics over the state-of-the-art methods, even when our models are trained with only one-tenth of the data other methods use.