In this paper, we propose a new technique for synchronization and channel estimation in M-QAM OFDM radio over fiber (RoF) system by using constant amplitude zero autocorrelation (CAZAC) sequence based training preamble. Delay and correlate method is used to identify the training sequence in the received signal vector and to correct the symbol timing offset. For an optimum demodulation of OFDM signal, optimum down sampling offset position has to be identified before applying symbol timing algorithm. To solve this issue, we present the iterative method of finding optimum down sampling offset position. We show that the training preamble used for synchronization can also be applied to estimate the channel response using averaging technique. Moreover, we used the least square estimation based channel estimation method using pilot subcarriers and compare the results with training preamble based estimation.