A video coding method includes obtaining a first motion vector field (MVF) set, obtaining a plurality of second MVFs according to the first MVF set and based on a preset vector operation method, determining a motion compensation prediction (MCP) signal of the target sub picture block from M MCP reference pictures according to the plurality of second MVFs and based on an MCP algorithm, obtaining a prediction residual of the target sub picture block according to a picture signal of the target sub picture block and the MCP signal of the target sub picture block, performing coding processing on the prediction residual of the target sub picture block to obtain a coded signal of the prediction residual of the target sub picture block, and sending the coded signal of the prediction residual of the target sub picture block to a peer decoder.