Embodiments of the present invention provide an interference cancellation apparatus and method. The method includes: receiving a radio frequency receive signal by using a main receive antenna; canceling a first-type self-interference component in the radio frequency receive signal according to a radio frequency reference signal, to generate a first processed signal; acquiring the reconstructed self-interference signal according to a self-interference channel parameter and the radio frequency reference signal; canceling a second-type self-interference component in the first processed signal according to the reconstructed self-interference signal to generate a second processed signal; performing down-conversion processing on the second processed signal to generate a third processed signal; performing analog to digital conversion on the third processed signal to generate a digital signal; and acquiring a digital baseband reference signal, and performing self-interference channel estimation according to the digital baseband reference signal and the digital signal to acquire the self-interference channel parameter.