Due to the importance of maintaining the orthogonality among subcarriers, the estimation of carrier frequency offset (CFO) is a crucial issue in orthogonal frequency division multiplexing (OFDM) systems. The CFO estimation becomes complicated in OFDM direct-conversion receivers (DCRs), where additional analog impairments such as I/Q imbalance and time-varying DC offset (TV-DCO) exist. In this paper, we propose a novel joint estimation method for CFO and I/Q imbalance in the presence of TV-DCO. By using the linear property of the TV-DCO and employing a periodic pilot sequence, the desired estimates can be obtained in closed-form. Simulation results confirm the validity of the proposed method.