The present application discloses a signal processing method and an apparatus, which are used to achieve signal compensation on the basis of a relative group delay, and to improve the precision of TOA estimation, thereby finally improving the positioning precision of UE. The signal processing method provided in the present application comprises: performing channel estimation processing on the basis of a received positioning reference signal (PRS), to obtain a frequency domain channel response; determining a difference value of a relative group delay of a sub-band on the basis of the frequency domain channel response; and compensating, on the basis of the difference value of the relative group delay of the sub-band, a locally received PRS or the frequency domain channel response; or reporting the difference value of the relative group delay of the sub-band to a transmitting end, and compensating a transmission signal by means of the transmitting end.