The development of state-of-the-art wireless communication transceivers in semiconductor technology is a challenging process due to complexity and stringent requirements of modern communication standards such as IEEE 802.11n. This tutorial paper describes a complete design, verification, and performance characterization methodology that is tailored to the needs of the development of state-of-the-art wireless baseband transceivers for both research and industrial products. Compared to the methods widely used for the development of communication research testbeds, the described design flow focuses on the evolution of a given system specification to a final ASIC implementation through multiple design representations. The corresponding verification and characterization environment supports rapid floating-point and fixed-point performance characterization and ensures consistency across the entire design process and across all design representations. This framework has been successfully employed for the development and verification of an industrial-grade, fully standard compliant, 4-stream IEEE 802.11n MIMOOFDM baseband transceiver. Copyright (C) 2010 Pierre Greisen et al.