This disclosure provides channel estimation methods and apparatuses. One method includes: determining Ps initial sample channel matrices that indicate channel states, where the Ps initial sample channel matrices include P1 first sample channel matrices and Ps-P1 second sample channel matrices, the P1 first sample channel matrices are determined based on a previous sample channel matrix or a given reference signal, and Ps is an integer greater than 1, and determining a channel matrix based on the Ps initial sample channel matrices, and obtaining a channel estimation result. Because the P1 initial sample channel matrices in the Ps initial sample channel matrices are determined based on the previous sample channel matrix or the given reference signal, an initial channel estimation result may be provided as an iterative initial sample channel matrix.