Traditional Minimum Mean Square Error (MMSE) detection is widely used in wireless communications, however, it introduces matrix inversion and has a higher computational complexity. For massive Multiple-input Multiple-output (MIMO) systems, this detection complexity is very high due to its huge channel matrix dimension. Therefore, low-complexity detection technology has become a hot topic in the industry. Aiming at the problem of high computational complexity of the massive MIMO channel estimation, this paper presents a low-complexity algorithm for efficient channel estimation. The proposed algorithm is based on joint Singular Value Decomposition (SVD) and Iterative Least Square with Projection (SVD-ILSP) which overcomes the drawback of finite sample data assumption of the covariance matrix in the existing SVD-based semi-blind channel estimation scheme. Simulation results show that the proposed scheme can effectively reduce the deviation, improve the channel estimation accuracy, mitigate the impact of pilot contamination and obtain accurate CSI with low overhead and computational complexity.