A channel resource allocation method includes establishing, by a first network device, at least two links between the first network device and a second network device, where each link supports beamforming data transmission; obtaining, by the first network device, a millimeter-wave radio channel resource between the first network device and the second network device; dividing the radio channel resource into a plurality of slots, where each slot is used for data transmission on one link, and two adjacent slots correspond to two different links; and transmitting, by the first network device, data on a corresponding link in the plurality of slots.