Embodiments of the present invention disclose an interleaved polarized multi-beam antenna, including: at least one dual-polarized antenna element, where the dual-polarized antenna element includes a +45-degree-polarized first antenna element and a −45-degree-polarized second antenna element; and a first Butler matrix and a second Butler matrix, where the first Butler matrix is connected to the first antenna element so that the first antenna element transmits a first target beam, and the second Butler matrix is connected to the second antenna element so that the second antenna element transmits a second target beam. The first target beam and the second target beam in the embodiments are alternately arranged, and any two adjacent first target beam and second target beam have different polarization characteristics; therefore, complexity, a loss, and costs of implementation of a Butler matrix can be effectively reduced, and interference between adjacent multiplexed beams can be effectively decreased.