For the shortage of tracking ability against fast fading channel of the existing pilot structures and channel estimation algorithms in OFDM combined with time division multiplexing (OFDM/TDM) system, an improved channel estimation algorithm is proposed. The channel transfer functions are obtained by estimating the channel properties with two adjacent time domain multiplexing (TDM) pilot sequences, while the channel state information of the OFDM/TDM symbols is obtained with interpolation Combined with frequency domain equalization based on minimum mean square error (MMSE-FDE), the proposed algorithm can significantly compensate the path loss over fast fading channels. Simulation results show that, compared with the existing channel estimation algorithms, the proposed algorithm can achieve better performance, which is not only capable of dealing with slow fading channels, but also has a better tracking ability against fast fading channels with the same data transmission efficiency.