Disclosed are a method for demodulating received signals and an apparatus therefore which can maintain quality of signals and can reduce computational complexity. A demodulation method of a receiving device for receiving a plurality of signals modulated through a M-ary (M is a natural number of 1 or more) modulation method includes: comparing channel frequency response power of a first channel with channel frequency response power of a second channel, selecting M reference signals on the basis of the compared result, selecting corresponding signals paired with respective selected M reference signals, and estimating transmitting signals from the M signal pairs including pairs of the reference signal and the corresponding signal. Accordingly, the computational complexity is reduced from O (M2) to O (M).