In this study, a cascade open-short-thru (COST) de-embedding procedure is proposed for the first time for on-wafer device characterization in the RF/microwave frequency regime. This technique utilizes the "open" and "short" dummy structures to de-embed the probe-pad parasitics of a device-under-test (DUT). Furthermore, to accurately estimate the input/output interconnect parasitics, including the resistive, inductive, capacitive, and conductive components, the "thru" dummy device has been characterized after probe-pad de-embedding. With the combination of transmission-line theory and cascade-configuration concept, this method can efficiently generate the scalable and repeatable interconnect parameters to completely eliminate the redundant parasitics of the active/passive DUTs of various device sizes and interconnect dimensions. Consequently, this method is very suitable for the on-wafer automatic measurement.