A frame loss compensation method and apparatus for audio signals are disclosed. The method includes: when a first frame immediately following a correctly received frame is lost, judging a frame type of the first lost frame, and when the first lost frame is a non-multi-harmonic frame, calculating MDCT coefficients of the first lost frame by using MDCT coefficients of one or more frames prior to the first lost frame; obtaining an initially compensated signal of the first lost frame according to the MDCT coefficients of the first lost frame; and performing a first class of waveform adjustment on the initially compensated signal of the first lost frame and taking an adjusted time-domain signal as a time-domain signal of the first lost frame. The apparatus includes a frame type judgment module, an MDCT coefficient acquisition module, an initial compensation signal acquisition module and an adjustment module.