A processing method of sound watermark and a sound watermark generating apparatus are provided. In the method, a call reception sound signal is obtained by a sound receiver. A reflection sound signal is generated according to a virtual reflection condition and the call reception sound signal. The reflection sound signal is a sound signal obtained by simulating a sound output by the sound source, then being reflected by the external object, and being further recorded by the sound receiver. The phase of the reflection sound signal is shifted according to a watermark indication code to generate a sound watermark signal. The sound watermark signal includes the reflection sound signal with the phase shift. Accordingly, at the receiver end, the sound watermark signal via the feedback path could be eliminated by echo cancellation, and the sound watermark signal would not affect the speech signal on the call transmission path.