This application provides a fast equalization method, to reduce duration required in a link equalization process. The method includes: storing a receive parameter and a transmit parameter, of each of a primary chip and a secondary chip, that meet a link stability requirement and that are obtained when link equalization is previously performed; and when determining that link equalization needs to be performed, configuring, as first fast equalization timeout duration, a larger value in initial fast equalization timeout duration of the primary chip and initial fast equalization timeout duration of the secondary chip, and invoking first equalization parameters, so that the primary chip and the secondary chip perform a current time of link equalization based on the first fast equalization timeout duration and the foregoing transmit and receive parameters, where the first fast equalization timeout duration is equalization timeout duration that is of the primary chip in a third phase of equalization and that exists when the current time of link equalization is performed and equalization timeout duration that is of the primary chip in a fourth phase of equalization and that exists when the current time of link equalization is performed, and is equalization timeout duration that is of the secondary chip in the third phase of equalization and that exists when the current time of link equalization is performed and equalization timeout duration that is of the secondary chip in the fourth phase of equalization and that exists when the current time of link equalization is performed. Further, this application further provides an apparatus and a communications system for performing the method, and a chip mentioned in performing the method.