A multi-antenna channel measurement method is provided, where: a base station sends a first channel state information-reference signal (CSI-RS) and a second CSI-RS to the terminal, and the first CSI-RS and the second CSI-RS are separately sent by using antenna elements in orthogonal dimensions; the base station receives a first CSI measurement result for the first CSI-RS and the second CSI-RS and that is fed back by the terminal; and the base station sends a third CSI-RS to the terminal according to the first CSI measurement result, and the third CSI-RS has been precoded according to the first CSI measurement result; and the base station receives a third CSI measurement result that is for the third CSI-RS and that is fed back by the terminal. Therefore, reducing calculation complexity on a terminal side of channel measurement and reducing a resource occupied for channel measurement and feedback in a multi-antenna port.