A visual evoked potential-based identity verification method, comprising: generating an M-sequence stimulus signal corresponding to a user (201); acquiring an electroencephalogram signal generated bythe user in response to the M-sequence stimulus signal (202); calculating a correlation coefficient between the acquired electroencephalogram signal and an authentication electroencephalogram signal of the user (203); and determining whether the correlation coefficient is greater than a threshold value of a matching coefficient (204). If the correlation coefficient is greater than the threshold value of the matching coefficient, then the identity authentication is successful. If not, then the identity authentication has failed. The M-sequence stimulus signal is used to cause the user to generate a specific electroencephalogram signal pattern, and the correlation coefficient between the acquired electroencephalogram signal and the authentication electroencephalogram signal of the user is used to determine an identity verification result. The characteristic of the M-sequence stimulus signal allows easy detection of an electroencephalogram signal. Low correlation between electroencephalogram signals from different subjects and stable characteristics and easy collection of an electroencephalogram signal resolve the issues of electroencephalogram pattern-based identity verification methods in the prior art.