A method and a device for correcting In-phase/Quadrature (IQ) imbalance in baseband signals of a wireless communication receiver are disclosed. The method includes the following: the receiver receives Radio Frequency (RF) signals, and processes the signals to generate In-phase (I) signals and Quadrature (Q) signals; the receiver calculates to obtain an autocorrelation value E(|I|2) of the I signal, an autocorrelation value E(|Q|2) of a current Q signal, and a cross-correlation value E(IQ) of the I signal and the current Q signal; the receiver computes E(|I|2), (|Q|2) and E(IQ) through arithmetical operations to obtain an estimate value Ân of a current amplitude imbalance calibration factor and an estimate value {circumflex over (P)}n of a current phase imbalance calibration factor; and the receiver corrects the current Q signal according to Ân and {circumflex over (P)}n. The embodiments reduce operations.