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A cost-effective multi-input multi-output (MIMO)/ multi-input single-output (MISO) equalization is proposed for space-time block code (STBC) MIMO/MISO orthogonal frequency division multiplexing (OFDM) system based on strength reduction (SR) transformation. The presented algorithm contains three parts: MIMO/MISO detection, updating and channel estimation processes. Considering IEEE 802.11 n system as a test vehicle, the multiplication complexity of the proposed algorithm can yield 33% reduction compared with the conventional approach. The corresponding hardware complexity is decreased about 26%. The system performance using the cost-effective equalization is identical with the conventional technique evaluated by uncoded symbol-error-rate simulation over indoor multipath fading channel.