Ground-based oblique incidence sounding (OIS) is an important means to investigate the ionosphere. As the OIS ionogram is a visual representation of the OIS parameters, such as group distance and maximum usable frequency (MUF), it is of great significance for improving the quality and the range resolution. This will facilitate the automatic interpretation and inversion of OIS ionograms to obtain the fine structure and spatial–temporal evolutions of the ionosphere. In this paper, a novel OIS signal processing scheme is proposed based on the Eigenspace-based (ESB) beamforming technology and Capon high-resolution range profile (HRRP). First, by applying the ESB beamformer to a compact L-shaped antenna array, the energy of the OIS signals received by multiple antennas can be added, while the interference and noise will be suppressed. Subsequently, the Capon HRRP algorithm is used to improve the range resolution. This is achieved due to the slow variation in the characteristics of the ionosphere resulting in good short-term coherence of the narrowband signals. The experimental results show that the two-stage signal-processing method significantly improves the imaging quality of OIS ionograms. In particular, the structure inside the ionosphere and its temporal and spatial evolution can be observed more precisely after the range resolution of the OIS ionogram is improved; therefore, it has great application potential.