In conventional preamble based channel estimation in OFDM/offset QAM (OFDM/OQAM) system, both the even index subcarriers and the odd index subcarriers are with identical value selected from {±1} respectively to avoid inter-carrier interference (ICI), if and only if channel frequency response in neighbor few subcarriers remain invariable. However, it requires larger coherent bandwidth. In this paper, we propose an effective preamble design with ICI cancellation for channel estimation in OFDM/OQAM system. With this structure, we only utilize even (or odd) index of subcarriers as reference signal to avoid ICI, and then the channel information of remaining subcarriers can be estimated by the interpolation approach. Based on the sampling theorem, the mean square error (MSE) performance of the proposed preamble design is analyzed, where channel estimation performance is same for all subcarriers. Simulation and analytical results demonstrate that the proposed preamble design with ICI cancellation method outperforms the conventional one in term of channel estimation accuracy in OFDM/OQAM system.