Embodiments of this application provide a load balancing method and a device. The method includes: determining, by a network device if periodicities of allocatable sounding reference signal SRS resources in a first cell are greater than periodicities of allocatable SRS resources in a second cell, a to-be-handed-over terminal based on transmission modes of terminals having accessed the first cell, where the first cell and the second cell are cells in a multi-carrier co-coverage network, and the network device covers the first cell and the second cell; and handing over, by the network device, the to-be-handed-over terminal to the second cell, where a periodicity of an SRS resource, allocated to the to-be-handed-over terminal, in the second cell is less than a periodicity of an SRS resource, allocated to the to-be-handed-over terminal, in the first cell.