The present invention provides an M2M data processing method. The method includes: receiving a registration request sent by an M2M device; obtaining a filled capability model according to a capability model and capability information of the M2M device after authentication on the registration request succeeds, where the capability model includes three types of capabilities: a communication capability, a control capability, and a measurement capability, each capability is divided into multiple subentries, and the filled capability model describes at least one subentry corresponding to three types of capabilities of the M2M device; updating an overall capability model according to the filled capability model, where capability information of all registered M2M devices managed by an M2M service platform is recorded in the overall capability model in a type division manner of the capability model.