An earphone signal processing method includes: a signal picked up by a first microphone of an earphone at a position close to a mouth outside an ear canal, a signal picked up by a second microphone of the earphone at a position away from the mouth outside the ear canal and a signal picked up by a third microphone are acquired, the third microphone being in a cavity formed by the earphone and the ear canal; dual-microphone noise reduction is performed on the signals picked up by the first and second microphones to obtain a first intermediate signal; dual-microphone noise reduction is performed on the signals picked up by the second and third microphones to obtain a second intermediate signal; the first and second intermediate signals are fused to obtain a fused voice signal; and the fused voice signal is output.