An alarm processing method and an alarm processing apparatus are provided. In the alarm processing method, an alarm reported by a Virtualized Network Function (VNF) is received; VNF Forwarding Graph (VNF FG) information of the VNF and/or Network Forwarding Path (NFP) information of the VNF is acquired; and alarm analysis processing is performed on the received alarm according to the VNF FG information and/or the NFP information acquired.