In this paper we study the Coleman-Oort conjecture for superelliptic curves, i.e., curves defined by affine equations $y^n=F(x)$ with $F$ a separable polynomial. We prove that up to isomorphism there are at most finitely many superelliptic curves of fixed genus $ggeq 8$ with CM Jacobians. The proof relies on the geometric structures of Shimura subvarieties in Siegel modular varieties and the stability properties of Higgs bundles associated to fibred surfaces.