Embodiments of the present invention disclose a bit rate allocation method and device, and a storage medium. The method includes the following steps: obtaining an I-frame of a to-be-encoded video, and obtaining bit rate characteristic parameters associated with the I-frame, where the bit rate characteristic parameters include: the number of video frames in a group of picture (GOP) in which the I-frame is located, the number of pixels of the I-frame, and a proportion of an intra prediction macroblock in a historical P-frame before the I-frame; and determining an allocated bit rate of the I-frame according to each bit rate characteristic parameter.