A downlink channel estimation method, comprising: receiving, by a first mobile terminal located in a central area of a cell, a first signal transmitted by a base station, wherein the first signal is formed after a reference signal transmitted by the base station passes through a channel from the base station to the first mobile terminal; using, by the first mobile terminal, the first signal and the reference signal to A estimate channel response estimate values h from the base station to the first mobile terminal on resource elements corresponding to the first signal, wherein the resource elements corresponding to the first signal are within a resource block of the first mobile terminal; using, by the first mobile terminal, the channel response estimate values h to perform interpolation on a resource block of a second mobile terminal, so as to obtain a coarse channel response estimate value h ' from the base station to the first mobile terminal on a resource element corresponding to a data signal of the second mobile terminal, wherein the resource element corresponding to the data signal of the second mobile terminal is within the resource block of the second mobile terminal, and wherein the second mobile terminal is located in an edge area of the cell, and the resource block of the second mobile terminal is adjacent to the resource block of the first mobile terminal; receiving, by the first mobile terminal, a second signal transmitted by the base station, wherein the second signal is formed after the data signal of the second mobile terminal transmitted by the base station passes through the channel from the base station to the first mobile terminal on the resource element corresponding to the data signal of the second mobile terminal; and demodulating, decoding and recovering the data signal from the second signal; taking, by the first mobile terminal, the data signal as a new reference signal, and, in combination with the second signal, updating the coarse channel response estimate value h ', so as to obtain a fine channel response estimate value h " from the base station to the first mobile terminal on the resource element corresponding to the data signal of the second mobile terminal; and using, by the first mobile terminal, the channel response estimate values ĥ and the fine channel response estimate value h " to perform interpolation on the resource block of the first mobile terminal, so as to obtain a channel response estimate value from the base station to the first mobile terminal on a resource element corresponding to a data signal of the first mobile terminal. receiving, by a first mobile terminal located in a central area of a cell, a first signal transmitted by a base station, wherein the first signal is formed after a reference signal transmitted by the base station passes through a channel from the base station to the first mobile terminal; using, by the first mobile terminal, the first signal and the reference signal to A estimate channel response estimate values h from the base station to the first mobile terminal on resource elements corresponding to the first signal, wherein the resource elements corresponding to the first signal are within a resource block of the first mobile terminal; using, by the first mobile terminal, the channel response estimate values h to perform interpolation on a resource block of a second mobile terminal, so as to obtain a coarse channel response estimate value h ' from the base station to the first mobile terminal on a resource element corresponding to a data signal of the second mobile terminal, wherein the resource element corresponding to the data signal of the second mobile terminal is within the resource block of the second mobile terminal, and wherein the second mobile terminal is located in an edge area of the cell, and the resource block of the second mobile terminal is adjacent to the resource block of the first mobile terminal; receiving, by the first mobile terminal, a second signal transmitted by the base station, wherein the second signal is formed after the data signal of the second mobile terminal transmitted by the base station passes through the channel from the base station to the first mobile terminal on the resource element corresponding to the data signal of the second mobile terminal; and demodulating, decoding and recovering the data signal from the second signal; taking, by the first mobile terminal, the data signal as a new reference signal, and, in combination with the second signal, updating the coarse channel response estimate value h ', so as to obtain a fine channel response estimate value h " from the base station to the first mobile terminal on the resource element corresponding to the data signal of the second mobile terminal; and using, by the first mobile terminal, the channel response estimate values ĥ and the fine channel response estimate value h " to perform interpolation on the resource block of the first mobile terminal, so as to obtain a channel response estimate value from the base station to the first mobile terminal on a resource element corresponding to a data signal of the first mobile terminal.