Embodiments of the present disclosure provide a session management method and an apparatus. The method includes: receiving, by a first session management SM entity, first session context information from a second SM entity; further, generating, by the first SM entity, second session context information based on the first session context information; and sending the second session context information to a terminal. As can be learned, a session in a tracking area update procedure of the terminal is updated in a scenario in which an MM entity and an SM entity are separated.