A co-channel interference cancellation method and apparatus are provided. The method includes: obtaining effective interference by filtering co-channel interference according to a preset interference strength threshold, and obtaining a plurality of effective interference subgroups by grouping the effective interference; obtaining a reference interference sub-signal corresponding to the effective interference subgroup, by delaying a reference interference signal according to a determined interference delay of each effective interference subgroup; after each reference interference sub-signal passes through a corresponding adaptive interference reconstruction filter, obtaining a reconstructed interference signal by overlaying each reference interference sub-signal; and performing a subtraction operation on a received signal and the reconstructed interference signal. In this way, spectrum consumption is greatly reduced, and implementation is simple.