This study investigates the estimation and equalization problems of multipath Rician fading channels with stochastic tap coefficients. The time-varying tap coefficients of fading channels under investigation are typically modeled as complex-valued Gaussian processes. First, least squares estimation methods are used to estimate the mean and variance of the stochastic tap coefficients. Then, based on these estimated statistical characteristics, an optimal equalization filter is designed to recover the transmitted sequence. In the proposed design method, a realizable equalization filter is constructed to minimize the mean square error from the perspective of frequency domain. Also, both calculus of variation technique and spectral factorization method are employed in the design procedure. To exhibit the superior performance of the proposed design method, some illustrative simulations are presented.