Embodiments of this application provide a watermark embedding method applicable to a three-dimensional (3D) field. By combining vertex data of an original 3D model and vertex data of a 3D watermark, and combining material data of the original 3D model and material data of the 3D watermark, the original 3D model and the 3D watermark can be synthesized into a 3D model. In addition, before and after watermark embedding, an appearance of the original 3D model can remain unchanged. This avoids impact of watermark embedding on the appearance and use value of the 3D model, and ensures a display effect of the 3D model. Further, a function of encrypting the embedded 3D watermark may be implemented, and the 3D watermark cannot be easily removed or modified. This can effectively ensure the copyright of the original 3D model, and better promote a digital asset such as the 3D model.