Provided are a link establishment method and apparatus and a computer-readable storage medium. The link establishment method includes: exchanging optical link auto-negotiation information with a terminal device through an optical link auto-negotiation channel; and in a case where exchanging the optical link auto-negotiation information is finished, establishing at least one of a traffic data channel or an optical link auto-negotiation channel; where the optical link auto-negotiation channel is independent of the traffic data channel or the optical link auto-negotiation channel; and the optical link auto-negotiation information includes at least one of information about an operating wavelength channel of the terminal device, an enabled or disabled state of forward error correction with the terminal device, a forward error correction type with the terminal device, or an operating mode of the auxiliary management channel.