Provided are a wireless communication method, a network device and a terminal device. The method includes: after acquiring a Policy Section Identifier (PSI) parameter of a terminal device, a first network device determines whether to update policy information of the terminal device, wherein the PSI parameter is used for identifying a part of policy information for the terminal device under a subscribed user. In an implementation of the present disclosure, after acquiring the PSI parameter of the terminal device, a first network device directly determines whether to update policy information of the terminal device.