This paper investigates the channel characterization of Rayleigh fading channel using K-band frequency-modulated continuous wave (FMCW) radar system. An IF (intermediate frequency) signal of K-band FMCW radar can be treated as time and frequency domain signals due to a unique property of linear frequency modulation (LFM). First, channel sounder FMCW radar stability has been confirmed by measuring power flatness of transmitted radio frequency signal and estimated range in anechoic chamber before conducting the experiment for channel characterization of Rayleigh fading channel. Next, the measurement setup has been conducted in reverberation chamber which emulates multipath fading phenomena. In reverberation chamber, four different cases have been examined by changing the boundary conditions inside it with and without flat microwave absorbers. This investigation leads to obtained scattered plots, normalized propagation delay profiles (PDPs), mean excess delay, root-mean-square (RMS) delay spread and envelope distribution of Rayleigh fading channel at about 24.591 GHz.