Embodiments of the present invention provide a channel state information feedback method, a terminal device, and a network device. The method includes: sending, by a terminal device, matrix information of a dimension reduction matrix to a network device, where a first dimension of the dimension reduction matrix is the same as a quantity of transmit antenna ports of the network device, and a second dimension of the dimension reduction matrix is less than the first dimension of the dimension reduction matrix; and sending, by the terminal device, vector information of an eigenvector of a downlink equivalent channel to the network device, where the eigenvector of the downlink equivalent channel is obtained based on the dimension reduction matrix.