A packet processing method by a first network device, the first network device comprises an ingress processing module, an ingress scheduling module, and a forwarding processing module, wherein the method comprises: obtaining, by the ingress processing module at a Media Access Control, MAC, layer, a first fragmented data frame comprised in a first data frame, and buffering the first fragmented data frame into a first queue, wherein the first queue is a latency-sensitive queue; obtaining, by the ingress processing module at the MAC layer, a second fragmented data frame comprised in a second data frame, and buffering the second fragmented data frame into a second queue, wherein the second queue is a latency-insensitive queue; sending, by the ingress scheduling module, the first fragmented data frame to the forwarding processing module, and obtaining, by the forwarding processing module, first forwarding information, wherein the first forwarding information is forwarding information of the first data frame; and after the ingress scheduling module sends the first fragmented data frame to the forwarding processing module, sending the second fragmented data frame to the forwarding processing module, and obtaining, by the forwarding processing module, second forwarding information, wherein the second forwarding information is forwarding information of the second data frame, wherein the first data frame comprises a plurality of fragmented data frames that arrive at the first network device one by one, and the first fragmented data frame is any fragmented data frame in the plurality of fragmented data frames, wherein the obtaining, by the ingress processing module at the MAC layer, the first fragmented data frame comprised in the first data frame comprises: receiving, by the ingress processing module, the first data frame by using a first ingress MAC port, and fragmenting the first data frame to obtain the first fragmented data frame, wherein according to a specified rule, the first ingress MAC port is configured to be bound to receive a latency-sensitive data frame. obtaining, by the ingress processing module at a Media Access Control, MAC, layer, a first fragmented data frame comprised in a first data frame, and buffering the first fragmented data frame into a first queue, wherein the first queue is a latency-sensitive queue; obtaining, by the ingress processing module at the MAC layer, a second fragmented data frame comprised in a second data frame, and buffering the second fragmented data frame into a second queue, wherein the second queue is a latency-insensitive queue; sending, by the ingress scheduling module, the first fragmented data frame to the forwarding processing module, and obtaining, by the forwarding processing module, first forwarding information, wherein the first forwarding information is forwarding information of the first data frame; and after the ingress scheduling module sends the first fragmented data frame to the forwarding processing module, sending the second fragmented data frame to the forwarding processing module, and obtaining, by the forwarding processing module, second forwarding information, wherein the second forwarding information is forwarding information of the second data frame, wherein the first data frame comprises a plurality of fragmented data frames that arrive at the first network device one by one, and the first fragmented data frame is any fragmented data frame in the plurality of fragmented data frames, wherein the obtaining, by the ingress processing module at the MAC layer, the first fragmented data frame comprised in the first data frame comprises: receiving, by the ingress processing module, the first data frame by using a first ingress MAC port, and fragmenting the first data frame to obtain the first fragmented data frame, wherein according to a specified rule, the first ingress MAC port is configured to be bound to receive a latency-sensitive data frame. receiving, by the ingress processing module, the first data frame by using a first ingress MAC port, and fragmenting the first data frame to obtain the first fragmented data frame, wherein according to a specified rule, the first ingress MAC port is configured to be bound to receive a latency-sensitive data frame.