This article proposes a semiblind channel estimation method for multiple-input multiple-output orthogonal frequency-division multiplexing systems based on circular precoding. Relying on the precoding scheme at the transmitters, the autocorrelation matrix of the received data induces a structure relating the outer product of the channel frequency response matrix and precoding coefficients. This structure makes it possible to extract information about channel product matrices, which can be used to form a Hermitian matrix whose positive eigenvalues and corresponding eigenvectors yield the channel impulse response matrix. This article also tests the resistance of the precoding design to finite-sample estimation errors, and explores the effects of the precoding scheme on channel equalization by performing pairwise error probability analysis. The proposed method is immune to channel zero locations, and is reasonably robust to channel order overestimation. The proposed method is applicable to the scenarios in which the number of transmitters exceeds that of the receivers. Simulation results demonstrate the performance of the proposed method and compare it with some existing methods.