A method and system for compensating for a doubly selective channel, and a related apparatus are applied to the field of communications technologies. In embodiments of the present invention, a receive end obtains, based on a minimum mean square error between a transmit pilot sequence and a receive pilot sequence, an optimal parameter used in a process of channel compensation and signal modulation, that is, a modulation order and a channel compensation parameter such as a channel compensation matrix. Therefore, according to the embodiments of the present invention, an optimization method is used to apply a banded equalization channel compensation method and a partial FFT transform to a communications system, thereby improving system performance.