The invention discloses a V-OFDM channel balancing and tracking method. The method comprises the following steps: for a physical layer frame, firstly estimating a channel response initial value H by using a first paragraph of preamble training words; for a first V-OFDM symbol, estimating a pilot frequency value P on a pilot frequency position after a pilot frequency part in the received V-OFDM data symbol is converted onto the frequency domain, balancing the P by using the H, comparing the P with a known pilot frequency sequence Pknown to obtain a compensation value, compensating the channel H to obtain a compensated channel estimation value (the formula is as shown in specification), balancing a data part in the V-OFDM data symbol by using the H, and using the same as a subsequent V-OFDM symbol channel response initial value; and for a second paragraph of preamble training words, estimating a channel response value H2, compensating the channel response value by using the H2 to obtain a compensated channel estimation value (the formula is as shown in specification), and using the compensated channel estimation value as the subsequent V-OFDM symbol channel response initial value. By adoption of the V-OFDM channel balancing and tracking method disclosed by the invention, the channel response estimation value can be continuously updated, so that the balancing operation is faster and more accurate in the case of fast channel change.