In orthogonal frequency division multiplexing (OFDM) system, phase noise (PHN) from oscillator can severely reduce the performance by causing: common phase error (CPE) and inter-carrier interference (ICI). The impact of PHN on received signal can be characterized by the circular convolution of the transmitted signal and the discrete Fourier transform (DFT) of PHN signal in frequency domain. Digital television/terrestrial multimedia broadcasting (DTMB), announced as the Chinese digital television terrestrial broadcasting (DTTB) standard, adopted the time-domain synchronous OFDM system (TDS-OFDM) system which has 36 continuous transmission parameter signaling (TPS) symbols in frequency domain which be used for PHN suppression. Based on a linearized parametric model for PHN, least squared (LS) estimation and fast Fourier transform (FFT) approaching method for PHN correction are proposed in this paper. The effects of the PHN on channel estimation in both TDS-OFDM system and conventional cyclic prefix OFDM (CP-OFDM) are also investigated. Simulations show that the proposed algorithm can effectively reduce the PHN and improve the symbol error rata (SER) of TDS-OFDM systems over both additive white Gaussian noise (AWGN) and broadcasting multipath channel. In practice, the FFT-approaching method can be applied to the DTMB receiver-chip design directly with low implementation cost.