A waveform interpolation speech coding apparatus and method for reducing complexity thereof are disclosed. The waveform interpolation speech coding apparatus includes: a waveform interpolation encoding unit for receiving a speech signal, calculating parameters for a waveform interpolation from the received speech signal, and quantizing the calculating parameters; and a realignment parameter calculating unit for restoring a characteristic waveform (CW) using the quantized parameter, calculating a realignment parameter that maximizes a cross-correlation among consecutive CWs for the restored CW.