The embodiments of the present invention disclose a token bucket-based traffic limiting method, including: when a packet is received, triggering a filling operation of filling each token bucket in a token bucket set under a scheduling node corresponding to the packet, where the token bucket set includes at least two token buckets; determining the number of tokens filled in each token bucket in the token bucket set according to a moment when the packet is received and a timestamp shared by the token bucket set; and if the number of tokens in a token bucket corresponding to the packet exceeds a length of the packet, allowing the packet to pass through the scheduling node and removing the number of tokens, corresponding to the length of the packet, from the token bucket corresponding to the packet.