Embodiments of the present invention provide a method and an apparatus for dynamic spectrum management. The method includes: determining a reusable spectrum for one of multiple cell links in a network according to co-frequency indication information, where the co-frequency indication information is used to indicate reusable levels of spectrums of other cell links for each cell link in the multiple cell links; and updating a spectrum configuration of the one of the multiple cell links by using the reusable spectrum of the one of the multiple cell links. By determining a reusable spectrum for a specific cell link according to co-frequency indication information, embodiments of the present invention can locally adjust the spectrum configuration of the specific cell link, thereby reducing a spectrum configuration overhead while increasing network capacity and reducing inter-cell interference.