A method and device for estimating a parameter of a wireless communication channel are provided. Based on the method for estimating a parameter of a wireless communication channel, all the interference signals are not regarded as constants, each interference signal is regarded as a random variable conforming to a Rayleigh distribution; thereby in calculating the parameters of the communication channel, one or more interference items as random variables are introduced, and highly accurate parameters of the communication channel are obtained. This processing way is applicable to a wireless communication system with any number of interference items. In the case that the processing way is applied to a wireless communication system with less interference items, more accurate parameters of the communication channel can be obtained, thereby ensuring the accuracy of a result obtained by analyzing power data by the control center efficiently.