An apparatus for iteratively estimating a channel in a receiver of a wireless communication system is provided. The apparatus includes a channel estimator configured to estimate a first channel value by using a pilot symbol included in a received signal, a demodulator configured to demodulate the received signal by using the first channel value, a decoding unit configured to decode the received signal demodulated by the demodulator, a feedback determining unit configured to determine whether to iteratively estimate the channel, and a feedback device configured to feed back an input value of the decoding unit when the feedback determining unit determines to iteratively estimate the channel, wherein when the feedback determining unit determines to iteratively estimate the channel, the channel estimator estimates a second channel value by using at least one of the pilot symbol included in the received signal and a data symbol received from the feedback device.