Provided are a channel equalization and carrier recovery method and a receiving apparatus thereof. In the method, a receiver of the high speed wireless communication system obtains an initial value of a channel equalization coefficient through non-causal channel estimation in a frequency domain during a preamble transmission section of a packet. High-order QAM signal correction for updating the channel equalization coefficient in a time domain is performed during a data transmission section of the packet. when a payload section starts in the data transmission section of the packet, channel equalization coefficient tracking is performed on the basis of frequency domain decision, and a hard decision of a correction value by the high-order QAM signal correction in the time domain is made to correct carrier phase errors, so that the channel equalization coefficient is updated.