The invention discloses a fan-out type packaging structure and packaging method of a chip; the fan-out type packaging structure comprises a first chip, a second chip, a plurality of metal terminals, alead, a packaging layer, and an extraction layer; the bottom surface of the first chip and the bottom surface of the second chip are oppositely attached to each other; the plurality of metal terminals are distributed on the periphery of the first chip, one face of the metal terminal is located on the same plane as the front surface of the first chip; the lead is connected between the front face of the second chip and the other face of the metal terminal; the packaging layer is used for packaging the first chip, the second chip, the lead and the metal terminals; and the extraction layer is arranged on a first surface of the packaging layer and is respectively electrically connected with one face of the metal terminal and / or the front face of the first chip. Compared with the fan-out type packaging structure packaged by using a slide glass whole surface, a plurality of metal terminals are arranged in a distributed mode, the packaging structure is balanced by utilizing the volume ratio of the metal terminals, for example, the numerical value of the equivalent thermal expansion coefficient of the packaging body is reduced, so that warping of the product is controlled, and packaging deformation warping is reduced. In addition, signal interconnection of multi-chip stacked in the Z direction can be realized through the plurality of metal terminals.