A fault locating method includes: receiving, by a first network device, a fault information packet flooded by another network device in a network, where each fault information packet includes statistical information about an interior gateway protocol packet of the network device sending the fault information packet, and the statistical information of each network device includes a statistical result on one or more key performance indicators KPIs of the network device; and determining, based on statistical information of the first network device and the statistical information of the another network device, a network device on which a fault occurs in the network. According to the method, the fault information packet flooded by the network device is received, so that information required for fault locating, that is, the KPI of the network device, can be quickly collected. This facilitates a fault locating process and reduces a fault locating time.