Disclosed is a downlink data transmission method, including determining, by a terminal device, a transmission configuration indicator (TCI) state corresponding to downlink data transmission based on downlink control information (DCI); and determining a redundancy version (RV) value corresponding to the downlink data transmission based on the DCI. The TCI state and the RV value are used for the terminal device to receive downlink data. Embodiments of the present disclosure also provide a terminal device and a storage medium.