A video processing method, apparatus and a terminal device are provided, which relate to the field of video processing technologies. The method includes: when detecting in a video recording process that a user enables a video editing function, presenting a recorded original video stream in a form of a video frame; determining a to-be-edited video frame based on a video frame selection operation that is performed by the user on the video frame; performing video editing on the to-be-edited video frame based on a video frame editing operation input by the user, to generate an edited video stream; and generating a target video stream based on the edited video stream and the original video stream. According to this application, live video editing flexibility can be improved.