A Fail Bit (FB) repair method includes: a bank to be repaired of a chip to be repaired is determined; first repair processing is performed on a first FB using a redundant circuit; a bit position of a second FB in each target repair bank is determined, and second repair processing is performed on the second FB; an unrepaired FB in each target repair bank is determined, and candidate repair combinations of the unrepaired FBs and a candidate combination count are determined; and if the candidate combination count is greater than a combination count threshold, a target repair position is determined, and repair processing is performed on the target repair position using a Redundant Word-Line (RWL), the target repair position being a position of an FB that maximally reduces the candidate combination count after repair processing.