This application provides a channel information obtaining method and a communications apparatus, to reduce pilot overheads and a delay of obtaining channel information. The method includes: A terminal device receives one or more first reference signals on a dth port of the terminal device, where the first reference signal is a reference signal from a first network device. The terminal device obtains a first channel vector h1,d based on the received first reference signal, where h1,d is a channel vector of a channel between the dth port of the terminal device and the first network device. The terminal device receives N second reference signals on the dth port of the terminal device. The terminal device obtains a second channel vector h2,d based on the received second reference signal.