The paper presents an algorithm for the compensation of gain and phase imbalances to exist between I-phase and Q-phase signal at direct conversion receiver. We propose a gain and phase imbalances blind equalization compensation algorithm by using variable step-size adaptive loop at direct conversion receiver. The blind equalization schemes have trade-off between convergence speed and jitter effect for the compensation of gain and phase imbalance. We propose the variable step-size adaptive loop method, which varies the loop coefficients according to errors, for recovering these problem. By using variable step-size adaptive loops, we propose to speed up the convergence process and reduce the jitter effect and simulation results show that the algorithm compensates signal loss and speeds up convergence time.