A processing method of a sound watermark and a sound watermark generating apparatus are provided. The method includes the following. A conversation-received sound signal sound signal is obtained by a sound receiver. A reflected sound signal is generated according to a virtual reflection condition and the conversation-received sound signal. A first watermark sound signal is generated according to a watermark identification code and the reflected sound signal. A second watermark sound signal is generated according to a sound signal distance value and the first watermark sound signal. An output watermark sound signal is generated by synthesizing the first watermark sound signal and the second watermark sound signal.