Embodiments of this application disclose a network key processing system, including user equipment, a security anchor network element, and an access and mobility management network element, where the security anchor network element is configured to: obtain a first key parameter from a slice selection network element, where the first key parameter includes identifier information of N network slices; generate N slice-dedicated keys based on the first key parameter; and send the N slice-dedicated keys to the corresponding N network slices respectively; the access and mobility management network element is configured to: obtain the first key parameter, and send the first key parameter to the user equipment; and the user equipment is configured to: generate the N slice-dedicated keys for the N network slices based on the first key parameter, and access the N network slices based on the generated N slice-dedicated keys.