This application provides a video encoding/decoding method, a corresponding video encoding/decoding apparatus. The video encoding method includes: obtaining a to-be-encoded video; encoding the to-be-encoded video to obtain a first bitstream and a second bitstream before outputting the first and second bitstreams. The first bitstream is obtained by performing frame skipping and encoding on the to-be-encoded video, and the second bitstream is obtained by encoding video frames in a second frame sequence by using video frames in a first frame sequence as key frames. The first frame sequence includes video frames obtained by downsampling video frames in the to-be-encoded video that are encoded into the first bitstream, and the second frame sequence includes video frames obtained by downsampling video frames in the to-be-encoded video that are not encoded into the first bitstream. The technical solutions provided in this application help improve video image prediction accuracy.