Embodiments of this application provide a reference signal measurement method. The method includes: obtaining, by a first terminal device, measurement configuration information; sending, by the first terminal device, the measurement configuration information to a second terminal device, where the measurement configuration information is used to indicate the second terminal device to measure, based on the measurement configuration information, a reference signal received by the second terminal device from the first terminal device, to obtain a measurement result of the reference signal; sending, by the first terminal device, the reference signal to the second terminal device; and receiving, by the first terminal device, the measurement result that is of the reference signal and that is sent by the second terminal device.