Embodiments of this application disclose a multi-user pairing method and apparatus, and a base station. The method includes: obtaining an actual downlink channel parameter of user equipment UE at a moment t0; calculating a correlation coefficient between the actual downlink channel parameter at the moment t0 and an actual downlink channel parameter of the UE at a moment t0−Δt; determining a predicted downlink channel parameter of the UE at a moment t1 if the correlation coefficient is less than a preset threshold; and performing a multi-user pairing operation based on the predicted downlink channel parameter at the moment t1.