Embodiments of this application provide a packet processing method and apparatus, and a communications device. The method includes the following operations: After obtaining first network cost information of a received first packet, a network device may determine a first queue for the first packet based on the first network cost information, and buffer the first packet to the first queue, where the first network cost information is used to indicate a cost for transmitting the first packet to an egress node. Therefore, the network device considers costs for transmitting packets to the egress node, divides queues based on values of the costs that are indicated, and performs differentiated enqueuing operations on the received packets considering the values of the costs.