An approach is provided to mitigate phase noise by correcting common phase error and inter-carrier-interference in a received signal. The approach involves determining a received signal includes phase noise comprising at least a common phase error component and an inter-carrier-interference component. The approach also involves causing the common phase error to be corrected based on one or more pilot carriers. The approach further involves causing an estimate of a main signal component to be subtracted from the one or more pilot carriers. The approach additionally involves determining a sequence of estimated coefficients of a multiplicative phase noise sequence. The approach also involves causing the inter-carrier-inference to be corrected by processing the multiplicative phase noise sequence using the sequence of estimated coefficients. The approach further involves causing an equalized data signal to be output based on the corrected common phase error and the corrected inter-carrier-interference.