This paper proposed a new Modified algorithm under the Vectoring Mode CORDIC algorithm called MVM-CORDIC algorithm, which is used to calculate the angle of frequency offset estimation in the communications system. From the simulation result, we can see that under the certain accuracy the MVM-CORDIC algorithm can reduce the iteration number by contrasting to the conventional CORDIC algorithm, meanwhile the total execution time of hardware implement of MVM-CORDIC is less than conventional CORDIC algorithm. Finally, MVM-CORDIC algorithm is implemented on Xilinx Virtex4 FPGA.