This application provides a precoding method and an apparatus for improving a power utilization of antennas. The method includes: determining a generalized inverse matrix Hm+ of a channel value matrix Hm of K users in an mth iteration in J iteration operations, where m=1, 2, . . . , and J, 1≤J≤M−K+1, and M is a quantity of antennas; selecting, from a set S1m-1 based on Hm+, an antenna index nm and an update coefficient αm corresponding to nm, where S1m-1 is a set of n unselected in antenna indexes n of the M antennas until an (m−1)th iteration ends; determining a weight matrix Wm based on Hm+ and αm; and assigning a row in Wm and corresponding to nm to a row in a final weight matrix Wopt and corresponding to nm, where Wopt is to adjust transmit powers of at least J of the M antennas to a preset maximum transmit power P after the J iteration operations end.