The present disclosure relates to a power control method and apparatus, where the method includes: respectively determining, by a base station, error vector magnitude EVM indicator adjustment parameters of n terminals according to terminal types of the n terminals that are currently scheduled; processing, according to the EVM indicator adjustment parameters of the n terminals, to-be-transmitted signals of the n terminals to obtain an output signal, and determining a change of total power of the output signal relative to the to-be-transmitted signals; and dynamically controlling a supply voltage of a power amplifier according to the change of the total power of the output signal relative to the to-be-transmitted signals. According to the power control method and apparatus provided in embodiments of the present disclosure, different processing is performed on signals of different terminals, so that system performance of the OFDM system is improved.