The invention relates to a limit bit feedback and multiuser dispatching algorithm which comprises the following steps of: at the base station side, determining a loaded wave beam set for each subcarrier; at the user equipment side, obtaining the wave beam set information, forming an associated subcarrier on the basis of each subcarrier, calculating a channel quality estimation parameter of each wave beam, and determining the optimal wave beam and a key subcarrier; and if the channel quality corresponding to the optimal wave beam on the key subcarrier exceeds a scheduled threshold value, feeding a sequence number of the key subcarrier and the best wave beam number back to the base station side; and at the base station side, receiving the feedback information of the user equipment, expanding the feedback information of the key subcarrier to the associated subcarrier, determining a reference wave beam set adopted by the associated subcarrier on the basis of each subcarrier, and than carrying out the user dispatching on each wave beam, and finally carrying out the data transmission according to the selecting condition of the reference wave beam set and a user dispatching result. The invention has the advantages of less user feedback information amount, high feedback efficiency, large frequency spectrum multiplexing coefficient and high flexibility, simple realization, less signaling interaction between a user and a base station, and the like.