In this paper, we propose a novel direction-of-arrival (DOA) estimation structure based on multiple-input multiple-output (MIMO) radar with colocated antennas, referred to as compressive measurement-based MIMO (CM-MIMO) radar, where the compressive sensing (CS) is employed to reduce the number of channels. Therefore, the system complexity and the computational burden are effectively reduced. It is noted that CS is used after the matched filters and that a measurement matrix with less rows than columns is multiplied with the received signals. As a result, the configurations of the transmit and receive antenna arrays are not affected by the CS and can be determined according to the practical requirements. To study the estimation performance, the Cramér–Rao bound (CRB) with respect to the DOAs of the proposed CM-MIMO radar is analyzed in this paper. The derived CRB expression is also suitable for the conventional MIMO radar by setting the measurement matrix as an identity matrix. Moreover, the CRB expression can work in the under-determined case, since the sum-difference coarray structure is considered. However, the random measurement matrix leads to high information loss, thus compromising the estimation performance. To overcome this problem, we consider that the a prior probability distribution of the DOAs associated with the targets can be obtained in many scenarios and an optimization approach for the measurement matrix is proposed in this paper, where the maximum mutual information criterion is adopted. The superiority of the proposed structure is validated by numerical simulations.