A stereo decoding method and apparatus are disclosed. The method includes: restoring a monophonic signal from a received code stream through decoding; restoring an interchannel level difference, a group delay, and a group phase from the received code stream through decoding; and processing the monophonic signal according to the interchannel level difference, group delay, and group phase to obtain a first channel signal and a second channel signal. According to the stereo decoding method and apparatus provided in embodiments of the present invention, the first and second channel signals are obtained according to the monophonic signal, ILD, group delay, and group phase by referring to not only the ILD but also the group delay and group phase, thereby yielding favorable stereo sound field effect for the obtained first and second channel signals.