This application provides a reference signal sending method, a reference signal receiving method, a network device, and a terminal device, to perform CSI (Channel State Information) measurement by using more precoding vectors (or precoding matrices), to measure more equivalent channels, thereby improving flexibility and a spatial degree of freedom of network device scheduling. The method includes: performing, by the network device, precoder cycling on a first reference signal by using at least two precoding vectors, to obtain a precoded first reference signal, where the precoded first reference signal is borne in a plurality of physical resource groups, and signals borne in any two adjacent physical resource groups correspond to different precoding vectors; and sending, by the network device, the precoded first reference signal to the terminal device by using the plurality of physical resource groups, where the first reference signal is used by the terminal device to perform CSI measurement.