Disclosed is a method for estimating a channel by a first terminal in a wireless communication system. Particularly, the method comprises the steps of: obtaining information associated with whether a first pre-coder for the first terminal and a second pre-coder for a second terminal are identical to each other; estimating, as a single effective channel, a first effective channel between a base station and the first terminal and a second effective channel between the base station and the second terminal when the first pre-coder and the second pre-coder are identical to each other; individually estimating the first effective channel and the second effective channel when the first pre-coder and the second pre-coder are different from each other.