In a depth estimation method, a depth estimation apparatus obtains a first color image, and inputs the first color image into a first depth estimation model to obtain a first intermediate depth image. The depth estimation apparatus then inputs the first color image and the first intermediate depth image into a second depth estimation model to obtain a first target depth image. The second depth estimation model is obtained through training based on a color image and a target depth image corresponding to the color image, and the first depth estimation model is obtained through training based on the color image and an intermediate depth image corresponding to the color image.