Embodiments of the present invention provide a motion compensating prediction method and a motion compensating prediction apparatus. The motion compensating prediction method includes: determining a location of an initial reference pixel of a current pixel in a reference image, where the current pixel is located in a first sub-image of a 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 a location of a target reference pixel of the current pixel in the reference image based on the location of the initial reference pixel; and determining a predicted 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 pixel near the target reference pixel.