A power control method, applied to a code division multiplexing communications system, and comprising: modulating, by a base station, a first bit stream by using a first modulation scheme, to obtain a first modulation symbol, modulating a second bit stream by using a second modulation scheme, to obtain a second modulation symbol, and modulating, by using a third modulation scheme, a combined bit stream obtained by combining the first bit stream and the second bit stream, to obtain a joint modulation symbol, wherein the third modulation scheme is obtained based on the first modulation scheme and the second modulation scheme; obtaining, by the base station, a first modification coefficient and a second modification coefficient based on the first modulation symbol, the second modulation symbol, and the joint modulation symbol; modifying, by the base station, the first modulation symbol by using the first modification coefficient, to obtain a first modified modulation symbol, and modifying the second modulation symbol by using the second modification coefficient, to obtain a second modified modulation symbol; performing, by the base station, power control processing on the first modified modulation symbol by using a preset first power control factor, to obtain a first modified modulation symbol obtained after the power control, and performing power control processing on the second modified modulation symbol by using a preset second power control factor, to obtain a second modified modulation symbol obtained after the power control; and combining, by the base station, the first modified modulation symbol obtained after the power control and the second modified modulation symbol obtained after the power control, and sending, to a terminal device, a combined modulation symbol obtained after the power control. modulating, by a base station, a first bit stream by using a first modulation scheme, to obtain a first modulation symbol, modulating a second bit stream by using a second modulation scheme, to obtain a second modulation symbol, and modulating, by using a third modulation scheme, a combined bit stream obtained by combining the first bit stream and the second bit stream, to obtain a joint modulation symbol, wherein the third modulation scheme is obtained based on the first modulation scheme and the second modulation scheme; obtaining, by the base station, a first modification coefficient and a second modification coefficient based on the first modulation symbol, the second modulation symbol, and the joint modulation symbol; modifying, by the base station, the first modulation symbol by using the first modification coefficient, to obtain a first modified modulation symbol, and modifying the second modulation symbol by using the second modification coefficient, to obtain a second modified modulation symbol; performing, by the base station, power control processing on the first modified modulation symbol by using a preset first power control factor, to obtain a first modified modulation symbol obtained after the power control, and performing power control processing on the second modified modulation symbol by using a preset second power control factor, to obtain a second modified modulation symbol obtained after the power control; and combining, by the base station, the first modified modulation symbol obtained after the power control and the second modified modulation symbol obtained after the power control, and sending, to a terminal device, a combined modulation symbol obtained after the power control.