This paper addresses preamble-based low complexity synchronization, channel estimation and equalization for Zero-padded (ZP) MB-OFDM based UWB systems. The proposed synchronization method consists of sync detection, coarse timing estimation, fine timing estimation, and oscillator frequency offset estimation. The distinctive features of MB-OFDM systems and the interplay between the timing and carrier frequency hopping at the receiver are judiciously incorporated in the proposed synchronization method. In order to apply the low complexity one-tap frequency-domain equalizer, the required circular convolution property of the received signal is obtained by means of an overlap-add method after the frequency offset compensation. The proposed low complexity channel estimator for each band is developed by first averaging the over-lapadded received preamble symbols within the same band and then applying time-domain least-squares method followed by the discrete Fourier transform. We develop an MMSE equalizer and its approximate version with low complexity. We also derive the probability density functions of the UWB channel path delays, and using them we present several optimization criteria for our proposed synchronization, channel estimation, and equalization. The effectiveness of our proposed methods and optimization criteria are confirmed by computer simulation results.