In this paper we propose a new timing and phase recovery algorithm to mitigate the inter-symbol interference (ISI) effect and to increase the permissible data rate. We use the mean excess delay of the channel as the timing instant for sampling no matter what symbol rates are transmitted and use the phase of the complex baseband impulse response sampled at the corresponding instant as the carrier phase for compensation. The mean excess delay of a channel is independent of the data transmission rates and can be estimated by the conventional timing recovery circuit by transmitting a low rate data sequence with symbol interval longer than the channel delay spread. We have numerically compared the transmission performances without and with applying our proposed algorithm in the timing and phase recovery. We also compare the transmission performance of the decision feedback equalizer (DFE) when the inputs to the DFE are sampled by the conventional method and by our proposed method. We found that the new scheme has a better performance. Compare with the conventional method, the normalized permissible data rate at a BER threshold of 10-5 and an outage probability of less than 2% can be increased by 5 times. While the new scheme is employed together with DFE, the performance can be further improved. Simulation results for both simulated and physical channels have verified the effectiveness of the new scheme.