The millimeter wave massive multiple input multiple output(MIMO) system relies on accurate channel state information. However, the high frequency of the millimeter wave shortens the time slot for channel estimation, so the previous high complexity estimation algorithms that use either the sparsity in the beam domain or the low rank property in the antenna domain alone were no longer feasible. Therefore, this paper proposes a new estimation algorithm, which combines the sparsity and low rank property. The channel estimation is regarded as a matrix complete problem. The inexact Newton method based on Augmented Lagrange alternating direction is used to solve the problem. The simulation result shows that the proposed algorithm has faster convergence speed and higher accuracy than other algorithms.