A motion compensating prediction method includes: determining a location of an initial reference pixel of a current pixel in a reference image, where the current pixel is located in a first sub-image in a current image, when the initial reference pixel is located outside a second sub-image at a location corresponding to the first sub-image in the reference image, determining a location of a target reference pixel of the current pixel in the reference image based on the location of the initial reference pixel, where location precision of the target reference pixel is limited to being less than or equal to preset pixel location precision, and determining a predicted value of a pixel value of the current pixel based on a pixel value of the target reference pixel and/or a pixel value of a neighboring pixel of the target reference pixel.