Embodiments of the present invention provide a multiple-input multiple-output orthogonal frequency division multiplexing communication system and a method for signal compensation. The method includes: receiving, by a receiver via N receiving antennas, a plurality of channel estimation preamble signals sent by M transmitting antennas of a remote transmitter, wherein the plurality of channel estimation preamble signals contain measurement signals of the M transmitting antennas, and M and N are integers larger than 1; determining, by the receiver, channel estimation parameters and channel phase shift parameters from the M transmitting antennas of the remote transmitter to the N receiving antennas of the receiver according to the measurement signals of the M transmitting antennas of the remote transmitter; and determining, by the receiver, signal compensation from the M transmitting antennas of the remote transmitter to the N receiving antennas of the receiver according to the channel estimation parameters and the channel phase shift parameters. According to the method for signal compensation and the multiple-input multiple-output orthogonal frequency division multiplexing communication system provided by the embodiments of the present invention, the channel estimation parameters and the channel phase shift parameters are determined according to the measurement signals of the remote transmitter, and the signal compensation is further determined, thereby improving accuracy of an estimated value of transmitted data.