Embodiments of the present invention provide a packet processing method and a device, where the packet processing method includes: receiving, by an aggregation gateway, a first tunnel establishment request message sent by a home gateway, and sending a first tunnel establishment success message to the home gateway; receiving, by the aggregation gateway, a second tunnel establishment request message sent by the home gateway, and sending a second tunnel establishment success message to the home gateway; associating, by the aggregation gateway, a first tunnel with a second tunnel according to an identifier of the home gateway; and sending a downlink packet to the home gateway by using the first tunnel and/or the second tunnel. The embodiments of the present invention may increase bandwidth.