Channel estimation in a broadband wireless communication system is provided. A receiver includes a frequency interpolator for interpolating in a frequency axis using at least one of channel estimation values estimated through pilot signals and channel estimation values generated using a time-axis interpolation, a determiner for determining a compensation coefficient to compensate for edge distortion using the channel estimation values estimated through the pilot signals, and a compensator for generating a completed channel estimation value by multiplying a channel estimation value generated by interpolating in the frequency axis, by the compensation coefficient.