In a signal processing method, a to-be-transmitted signal is encoded to obtain multiple code blocks. The multiple code blocks include a first data signal and/or a first control signal, and include a management signal. The multiple code blocks include diverse types of signals. Furthermore, in the method, transmission of multiple code blocks is performed through one serial channel, so that a quantity of pins of the serial channel may be small. In addition, in the method, a serial channel implemented based on an MII may be used.