A joint blind parameter estimation algorithm based on minimum channel stability function aimed at the non-cooperative high-order modulated paired carrier multiple access (PCMA) signals is proposed. The method, which uses hierarchical search to estimate time delay, amplitude and frequency offset and the estimation of phase offset, including finite ambiguity, is presented simultaneously based on the derivation of the channel stability function. In this work, the structure of hierarchical iterative processing is used to enhance the performance of the algorithm, and the improved algorithm is used to reduce complexity. Compared with existing data-aided algorithms, this algorithm does not require a priori information. Therefore, it has significant advantage in solving the problem of blind parameter estimation of non-cooperative high-order modulated PCMA signals. Simulation results show the performance of the proposed algorithm is similar to the modified Cramer-Rao bound (MCRB) when the signal-to-noise ratio is larger than 16 dB. The simulation results also verify the practicality of the proposed algorithm.