A method for compensating mismatches of an in-phase signal and a quadrature signal of a transmitter/receiver is provided. The method includes: receiving a plurality of test signals to generate two groups of factors, respectively, where each group of factors is applied to two multipliers utilized for compensating a gain mismatch and a phase mismatch of the in-phase signal and the quadrature signal of the transmitter/receiver; then calculating a delay mismatch of the in-phase signal and the quadrature signal according to the two groups of factors.