A multi-antenna channel estimation method based on polyphase decomposition includes: receiving frequency domain received signals transformed using discrete fourier transformation (DFT) in pilot symbols; performing phase correction on the frequency domain received signals; performing polyphase decomposition on the frequency domain received signals which are corrected using phase correction and acquiring polyphase signals; performing interpolation on the polyphase signals and acquiring the estimation values of the multi-antenna channel parameters with various linear combinations on each frequency; acquiring decorrelation array based on the pilot structure of the transmission antenna and decorrelating the estimation values of the multi-antenna channel parameters with various linear combination on each frequency using the decorrelation array and acquiring channel parameters of the pilot symbols on each frequency; acquiring channel parameters of data symbols based on the channel parameters of the pilot symbols. With the present invention, the inversion problem in multi-antenna channel estimation is avoided with lower complexity, and results of the multi-antenna channel estimation method become more accurate since the DFT and filtering are performed in the interpolation after polyphase decomposition.