The present invention provides an equalization method and an equalizer for received signals in a microwave MIMO system. By performing vertical spatial filtering on and combining internal sub-signals for n received signals, an initial sliced signal corresponding to a received signal currently to be decoded is obtained; (n−1) ICI signals are generated based on (n−1) initial sliced signals corresponding to other (n−1) received signals; after the (n−1) ICI signals are eliminated from the n received signals, vertical spatial filtering is performed and internal sub-signals are combined to obtain a final sliced signal.