Disclosed are a method and device for estimating a channel in a multiple-receiving antenna system. The method comprises: a channel estimation is performed on a received pilot signal by using a least square channel estimation algorithm to obtain an estimation value HLS; an N′-dimensional channel autocorrelation matrix formula (I) and a channel frequency domain autocorrelation matrix Ri from a transmitting antenna i to any receiving antenna are acquired, and a weight matrix W which is descrambled and denoised is calculated, wherein i=1, 2, . . . , NT, and NT is the number of antennae at a transmitting end; the estimation value HLS is corrected by using the weight matrix W to obtain a corrected estimation value HP-LMMSE. The method and device of the disclosure may obtain the performance as close as possible to the LMMSE technology through less prior statistic information, and have a simple implementation manner.