A stereo signal processing method and apparatus, where the method includes performing delay estimation on a stereo signal of a current frame to determine an inter-channel time difference of the current frame, identifying a sign of the inter-channel time difference of the current frame is different from a sign of an inter-channel time difference of a previous frame of the current frame, performing delay alignment processing on the first-channel signal of the current frame based on the inter-channel time difference of the current frame, and performing delay alignment processing on the second-channel signal of the current frame based on the inter-channel time difference of the previous frame.