Provided are a method for transmitting and receiving signals in a wireless communication system including machine type communication (MTC), and a base station and a terminal therefor. The method for transmitting and receiving signals comprises the steps of: receiving repeatedly reference signals from a plurality of resource units; determining whether to perform bundling for the reference signals transmitted from at least one resource unit among the plurality of resource units; and, when it has been decided to perform bundling, estimating a channel by assuming the same precoding for the reference signals transmitted from the at least one resource unit. Whether to perform bundling is determined on the basis of the number of repetition of the reference signals and/or the number of antenna ports.