Embodiments of this application provide a resource allocation method and apparatus, which relate to the field of terminal technologies and are applied to a terminal device. The method includes: A first operation for a terminal device is received. In response to the first operation, the terminal device reports available communication resources to a network device based on at least a quantity of communication cards and a network standard of a network accessed by the communication card. The terminal device determines a target communication card performing a data service, and allocates communication resources to the target communication card. In this way, the terminal device can match proper communication resources for the data service, to improve communication efficiency of a multi-mode multi-card terminal device.