Embodiments of this application provide a motion-compensated prediction method which includes determining a location that is of an initial reference pixel of a current pixel and that is in a reference image, where the current pixel is located in a first sub-image in the current image; when the initial reference pixel is located outside a second sub-image that is in the reference image and that is at a location corresponding to the first sub-image, determining, based on the location of the initial reference pixel, a location that is of a target reference pixel of the current pixel and that is in the reference image; and determining a prediction value of a pixel value of the current pixel based on a pixel value of the target reference pixel and/or a pixel value of a neighboring pixel of the target reference pixel.