This application provides a channel measurement method and a communications apparatus. The method includes: A terminal device generates first indication information and sends the first indication information to a network device, where the first indication information is determined based on received precoded reference signals of P ports and is used to indicate Q ports in the P ports; the P ports correspond to P angle-delay pairs; each angle-delay pair includes one angle vector and one delay vector; the precoded reference signal of each of the P ports is obtained by precoding a reference signal based on one angle vector and one delay vector; and the Q ports correspond to Q angle-delay pairs in the P angle-delay pairs.