This application discloses a downmixed signal calculation method and apparatus. The method includes: when a current frame or a previous frame of the current frame of a stereo signal is not a switching frame and a residual signal in the current frame or the previous frame does not need to be encoded, obtaining a second downmixed signal in the current frame and a downmix compensation factor of the current frame, correcting the second downmixed signal in the current frame based on the downmix compensation factor of the current frame, to obtain the first downmixed signal in the current frame and determining the first downmixed signal in the current frame as a downmixed signal in the current frame in a preset frequency band.