A time tracking method is provided for channel estimation of a mobile communication receiver and a related channel estimation apparatus is provided. The channel estimation apparatus includes a channel estimation control unit for analyzing and outputting a delay profile of a multipath channel by using a channel estimation value of each multi-tap, a tracking mode control unit for calculating a distance between an earliest tap and a preset margin tap by using the delay profile analysis results, and for generating and outputting a hopping tracking control signal for tracking a position of the earliest tap to a position of the margin tap at a time when the determined distance is greater than a preset hopping threshold value, and a hopping tracking mode execution unit for receiving the hopping tracking control signal and for shifting the position of the earliest tap to the position of the margin tap at a time.