An uplink measurement reference signal power control method, a network device, and a terminal device are provided. The method includes: generating, by the network device, power control information of an uplink measurement reference signal, where the power control information includes at least one of a transmit power target value, a transmit power adjustment value, or path loss information; and sending, by the network device, the power control information to the terminal device. According to the method provided in the embodiments of this application, the network device generates the power control information, and the power control information includes at least one of the foregoing three types of information and is indicated to the terminal device.