A method and apparatus for transmitting and receiving a space block coding signal through Iterative Multi-user Detection is provided. The apparatus includes a multi-user interference cancellation unit which cancels multi-user interference in a received signal and outputs a first signal and a second signal that are sequentially transmitted from two transmitting antennas, a linear combiner which performs linear combination for the first signal and the second signal, and an equalizer which applies different equalization coefficients to the combined first signal and the second signal, respectively, to perform frequency-domain equalization.