A channel estimation processing method, comprising: receiving cell-specific reference signals, CRSs, that are sent by a base station by using at least two antenna ports, wherein bandwidth occupied by the CRSs is divided into at least two frequency band groups, one frequency band group corresponds to one antenna port, and each frequency band group comprises at least one frequency band; and separately performing independent channel estimation in each of the at least two frequency band groups according to the CRSs, wherein the separately performing independent channel estimation in each of the at least two frequency band groups comprises: performing channel interpolation in each of the at least two frequency band groups, wherein the performing channel interpolation in each of the at least two frequency band groups comprises: when channel estimation is performed on a non-CRS subcarrier by interpolating subcarriers on which the CRSs are located, a channel estimation value of a subcarrier, on which a CRS is located, in a same frequency band group is used to perform interpolation and estimation on a non-CRS subcarrier in the same frequency band group, wherein before the receiving CRSs that are sent by a base station by using at least two antenna ports, further comprising: receiving frequency band group division information sent by the base station, wherein the frequency band group division information indicates that the bandwidth occupied by the CRSs is divided into the at least two frequency band groups; and the separately performing independent channel estimation in each of the at least two frequency band groups comprises: separately performing independent channel estimation in each of the at least two frequency band groups according to the frequency band group division information. receiving cell-specific reference signals, CRSs, that are sent by a base station by using at least two antenna ports, wherein bandwidth occupied by the CRSs is divided into at least two frequency band groups, one frequency band group corresponds to one antenna port, and each frequency band group comprises at least one frequency band; and separately performing independent channel estimation in each of the at least two frequency band groups according to the CRSs, wherein the separately performing independent channel estimation in each of the at least two frequency band groups comprises: performing channel interpolation in each of the at least two frequency band groups, wherein the performing channel interpolation in each of the at least two frequency band groups comprises: when channel estimation is performed on a non-CRS subcarrier by interpolating subcarriers on which the CRSs are located, a channel estimation value of a subcarrier, on which a CRS is located, in a same frequency band group is used to perform interpolation and estimation on a non-CRS subcarrier in the same frequency band group, wherein before the receiving CRSs that are sent by a base station by using at least two antenna ports, further comprising: receiving frequency band group division information sent by the base station, wherein the frequency band group division information indicates that the bandwidth occupied by the CRSs is divided into the at least two frequency band groups; and the separately performing independent channel estimation in each of the at least two frequency band groups comprises: separately performing independent channel estimation in each of the at least two frequency band groups according to the frequency band group division information. receiving frequency band group division information sent by the base station, wherein the frequency band group division information indicates that the bandwidth occupied by the CRSs is divided into the at least two frequency band groups; and the separately performing independent channel estimation in each of the at least two frequency band groups comprises: separately performing independent channel estimation in each of the at least two frequency band groups according to the frequency band group division information.