We analyze the short-term fading characteristics of received signal in urban microcellular environment. In order to analyze the fading signal, we obtain the fading distributions by distance, the received power pattern by arrival angle and the spatial correlation coefficients of fading signal by spacing distance between two antennas. In addition, we compare the distributions of simulated fading signal with the Rician parameter K in various conditions. As the results, it can be seen that the occuring period of deep fade and fade range in microcell are different as the distance between two antennas;besides, the period of fade and fade range in OBS region occur shortly and deeply as compared with those in LOS region. The data used in analysis are obtained by the simulation program using ray tracing technique.