Some demonstrative embodiments include apparatuses, systems and/or methods of In-phase/Quadrature (I/Q) imbalance compensation. For example, an apparatus may include an I/Q imbalance calibrator to determine, based on first and second phasors, a plurality of calibration parameters for calibrating I/Q imbalance of both a Radio Frequency (RF) Receive (Rx) path of a transceiver and a RF Transmit (Tx) path of the transceiver, the first phasor including a phasor of an image component of a first signal transmitted via the Tx path, shifted by a first phase shift and received via the Rx path, and the second phasor including a phasor of an image component of a second signal transmitted via the Tx path, shifted by a second phase shift, different from the first phase shift, and received via the Rx path.