This paper presents a new method to jointly estimate the Direction Of Arrival-Direction Of Departure (DOA-DOD) and Doppler frequency of bistatic MIMO radar. Utilizing the characteristics of the signal received, the Doppler frequency vector, DOA vector and DOD vector are obtained by using least square algorithm. Because these three vectors are interdependent, the iterative algorithm is then proposed to update them and to get finally the DOA-DOD and Doppler frequency estimations. The estimated parameters are automatically paired without the additional pairing method. The algorithm has low complexity and fast operation speed. Simulation results demonstrate that compared with the PARAFAC based method, this new method can get precise DOA-DOD and Doppler frequency estimations with higher probability.