A co-channel interference cancellation method, wherein the method comprises: obtaining effective interference (S301) by filtering co-channel interference according to a preset interference strength threshold, and obtaining a plurality of effective interference subgroups (S302) by grouping the effective interference; obtaining a reference interference sub-signal (S303) corresponding to each effective interference subgroup, by delaying a reference interference signal according to a determined interference delay of each effective interference subgroup; after each reference interference sub-signal passes through a corresponding adaptive interference reconstruction filter, obtaining a reconstructed interference signal by overlaying each reference interference sub-signal (S304); and obtaining a first wanted signal by performing a subtraction operation on a received signal and the reconstructed interference signal (S305) wherein the obtaining effective interference by filtering co-channel interference according to a preset interference strength threshold comprises: determining, as the effective interference, co-channel interference obtained after an interference strength value of first target interference in the co-channel interference is set to zero, wherein the first target interference is interference that is in the co-channel interference and whose interference strength value is less than or equal to the preset interference strength threshold and the interference delay of each effective interference subgroup is equal to a sum of a delay difference of the effective interference subgroup and the delay of the reference interference signal. obtaining effective interference (S301) by filtering co-channel interference according to a preset interference strength threshold, and obtaining a plurality of effective interference subgroups (S302) by grouping the effective interference; obtaining a reference interference sub-signal (S303) corresponding to each effective interference subgroup, by delaying a reference interference signal according to a determined interference delay of each effective interference subgroup; after each reference interference sub-signal passes through a corresponding adaptive interference reconstruction filter, obtaining a reconstructed interference signal by overlaying each reference interference sub-signal (S304); and obtaining a first wanted signal by performing a subtraction operation on a received signal and the reconstructed interference signal (S305) wherein the obtaining effective interference by filtering co-channel interference according to a preset interference strength threshold comprises: determining, as the effective interference, co-channel interference obtained after an interference strength value of first target interference in the co-channel interference is set to zero, wherein the first target interference is interference that is in the co-channel interference and whose interference strength value is less than or equal to the preset interference strength threshold and the interference delay of each effective interference subgroup is equal to a sum of a delay difference of the effective interference subgroup and the delay of the reference interference signal. <EOS>