This application discloses a downlink channel reconstruction method and apparatus. In one embodiment, the method includes: sending, by a base station, multiple different weighted pilot signals to a terminal, where each of the weighted pilot signals includes a product of a pilot signal and a weighting matrix; receiving, by the base station, multiple different optimal code words returned by the terminal, where each of the optimal code words is obtained based on a channel estimation of a weighted pilot signal; and reconstructing, by the base station, a downlink channel according to the multiple different optimal code words. According to the foregoing method, a quantization error can be reduced, so that a beam direction of a reconstructed channel correctly points to the terminal.