A scheme for realizing Application Specific Instruction Set Processor (ASIP) is chosen, which is based on a channel estimation algorithm of cell-special reference signals in TD-LTE downlink. The ASIP chip contains a set of instructions for particular applications. Besides, the assembly language realization of the scheme is implemented, which exhibits lower time complexity and less fixed point operation error. Simulation results of Verilog Compiled Simulator (VCS) show that the scheme has a good real-time processing capability.