A data distribution method, a data aggregation method, and related apparatuses are disclosed. The data distribution method may include: receiving a first packet stream; dividing the first packet stream to obtain a first data block stream; sending the first data block stream to a first circuit; processing, by the first circuit, the first data block stream to obtain a first data stream; distributing, by the first circuit, the first data stream to N1 second circuits of M second circuits in a PHY, where M is greater than N1, N1 is a positive integer, and M is a positive integer; and processing, by the N1 second circuits, the received first data stream to obtain N1 first code streams. The technical solutions provided by the embodiments of the present invention help to meet a requirement for complex bandwidth configuration and extend an application scenario.