The present disclosure is related to a method and apparatus for channel estimation in a wireless communication system. The method and apparatus for channel estimation are used to determine a number of sub-carriers or symbols to be used to estimate N channels for N user equipment (UE)s on a basis of resource allocation information on N reference signals associated with the N UEs, estimate channel values for the N channels by receiving the N reference signals through the sub-carriers or the symbols according to the determined number, and correlate the estimated channel values to use the correlated channel values to estimate each of the N channels.