A video encoding code rate control method of a terminal device is provided. A space domain complexity and a time domain complexity of a first picture frame in a video stream are obtained. A first target bit of the first picture frame is updated to a second target bit according to the space domain complexity and the time domain complexity. A first initial quantization parameter of the first picture frame is updated to a second initial quantization parameter according to the space domain complexity and the time domain complexity. A compressed code stream of the first picture frame is generated according to the second target bit and the second initial quantization parameter.