An apparatus and a method for controlling a gain of I-channel signal and compensating Q-channel signal in response to the gain imbalance based on the gain-controlled I-channel signal as a reference channel signal is disclosed. The apparatus includes: an auto gain controller for controlling a gain of a signal selected from the I-channel signal and the Q-channel signal to have a predetermined amplitude, thereby generating a gain-controlled signal; a detector for detecting a gain imbalance between the gain-controlled signal and the remaining channel signal; and a compensator for compensating the gain imbalance of the remaining channel signal based on the detected gain imbalance.