A channel measurement method and a communications apparatus. The method includes: a terminal device receives precoded reference signals from a network device, where the precoded reference signals are obtained by precoding reference signals based on K angle vectors; and generates and sends first indication information, where the first indication information is used to indicate P weighting coefficients corresponding to P angle-delay pairs, the P weighting coefficients are determined based on the precoded reference signals, each of the P angle-delay pairs includes one angle vector and one delay vector corresponding to the angle vector, a delay vector corresponding to each angle vector is preconfigured, each angle vector and the delay vector corresponding to each angle vector are obtained through uplink channel measurement, and the P angle-delay pairs and the P weighting coefficients corresponding to the P angle-delay pairs are used to determine a precoding matrix.