A method and apparatus reduce overhead of feedback in a closed loop Multiple Input Multiple Output (MIMO) system. A controller feeds back the long-term Precoder Matrix Index (PMI) to a serving base station under direction of the serving base station when the long term PMI feedback transmission is required, generates a new codebook using the long term PMI, and determines a short term PMI from the new codebook. A feedback transmitter feeds back the short-term PMI to the serving base station.