An I/O calibration method and an apparatus are provided for calibrating a driving impedance at an output end of an I/O circuit in a chip. The chip further includes a plurality of basic impedances and a non-volatile memory. The I/O circuit calibration method includes: measuring an impedance value of one basic impedance and recording the measured impedance value in the non-volatile memory; synthesizing a calibration impedance by selectively conducting the basic impedance(s); adjusting the number of the conducted basic impedance(s) in the calibration impedance and estimating an impedance value of the driving impedance according to the measured result and a voltage divided by the calibration impedance and the driving impedance at the output end.