A channel estimation method and apparatus are provided. The channel estimation method includes: extracting pilot data in a received signal; performing pilot channel estimation by using the extracted pilot data to obtain transmission coefficients of multiple groups of pilot channels; and obtaining a transmission coefficient of a data channel through non-linear interpolation processing by using the obtained transmission coefficients of the multiple groups of pilot channels. Solutions provided in the embodiments of the present invention help improve the channel estimation precision in a fast time-changing channel environment, thereby improving the system performance.