Embodiments of this application disclose a channel measurement method and device. The method includes: receiving, by an access network device, a sounding reference signal (SRS) from a terminal device; receiving, by the access network device from the terminal device, a power adjustment factor used by first antenna ports, where the first antenna ports are antenna ports used by the terminal device to send a data signal; determining, by the access network device, a first uplink channel based on the SRS; and determining, by the access network device, a target channel based on the first uplink channel and the power adjustment factor used by the first antenna ports, where the target channel is a target uplink channel or a target downlink channel.