In this paper, we analyzed the feasibility of using a virtual carrier based carrier frequency offset estimation algorithm in the presence of I/Q imbalance in OFDM systems. Based on the analysis of the signal model with both receiver CFO and I/Q imbalance impairment we conclude that it is feasible to extending the virtual carrier based CFO estimation algorithm to the I/Q imbalance scenario. The CFO estimation performance is evaluated through computer simulation. Impact of parameters on the estimation performance is investigated and it is consistent with our analysis. After CFO correction, a blind based I/Q imbalance estimation and compensation algorithm is applied. The final detection performance demonstrates that the virtual carrier based CFO estimation performance is good enough for subsequent I/Q imbalance estimation and compensation.