Methods, systems, and apparatus for executing a smart contract by a blockchain node of a blockchain. An example method includes receiving bytecode of a smart contract; deploying the smart contract, comprising storing the bytecode of the smart contract on the blockchain; compiling, through Just-In-Time (JIT) compilation, the bytecode of the smart contract into machine code; locally storing the machine code in a memory of the blockchain node; and executing the smart contract deployed on the blockchain, comprising determining whether the machine code corresponding to the bytecode of the smart contract is locally stored in the memory of the blockchain node, and interpreting and executing the bytecode of the smart contract if the machine code corresponding to the bytecode of the smart contract is not locally stored.