The present application provides a volumetric measuring method and apparatus based on a TOF depth camera, which is achieved by: acquiring depth images; denoising the depth images; selecting a first feature area of the first depth image and a second feature area of the second depth image that have been denoised respectively, traversing each pixel point in the first feature area at multiple traversal speeds, and matching a first depth value of a current pixel point with a second depth value of a target pixel point corresponding to the current pixel point in the second feature area to acquire multiple total similarity values; determining a traversal speed corresponding to a maximum total similarity value as an instantaneous speed at a current moment; calculating a package volume according to the instantaneous speed. The present application effectively solves the problem that an accurate package volume cannot be obtained when a speed of the conveyor belt is not fixed, and high in feasibility.