Spectrally efficient orthogonal frequency division multiplexing (OFDM) offers an ideal solution to inter symbol interference (ISI), by maintaining the orthogonality among subcarriers. For a multi carrier (MC) communication system, the wireless channel impulse response (CIR) varies rapidly under severe channel fading conditions. In addition, estimating the channel characteristics under non-linear time varying random channel environment, is always a tough task for a successful communication of wireless data. In this paper, we present a simple method, based on tunable Q-factor Wavelet transform (TQWT), for OFDM channel estimation. The performance of the proposed TQWT is compared with other well established algorithms. The superiority of the proposed TQWT based channel estimation is evaluated by the bit error rate (BER) and mean square error (MSE) parameters, which shows an improvement.