To solve the problem of low applicability and high complexity of the estimators based on the moments, this paper proposes an improved moment estimation algorithm based on fitting to improve the efficiency of Ricean-factor estimation. First, this improved model approximates the original function with a rational function, then inverts the approximate formula, and finally obtains two closed formulas pertaining to the Ricean factor. Simulation results show that the estimated efficiency increases at least 2.5 times when samples are 50000 or 1000. Further, under the condition of ensuring the estimation accuracy, the improved algorithm has less time complexity, leading to advantages in wireless communication scenarios wherein terminal resources are limited.