Echo State Network (ESN) is a recently developed machine-learning paradigm whose processing capabilities rely on the dynamical behavior of recurrent neural networks (RNNs). Its performance metrics outperform traditional RNNs in nonlinear system identification and temporal information processing. In this thesis, we design and implement ESNs through Field-programmable gate array (FPGA) and explore their full capacity of digital signal processors (DSPs) to target low-cost and low-power applications. We propose a cost-optimized and scalable ESN architecture on FPGA, which exploits Xilinx DSP48E1 units to cut down the need of configurable logic blocks (CLBs). The proposed work includes a linear combination processor with negligible deployment of CLBs, as well as a high-accuracy non-linear function approximator, both with the help of only 9 DSP units in each neuron. The architecture is verified with the classical NARMA dataset, and a symbol detection task for an orthogonal frequency division multiplexing (OFDM) system on a wireless communication testbed. In the worst-case scenario, our proposed architecture delivers a matching bit error rate (BER) compares to its corresponding software ESN implementation. The performance difference between the hardware and software approach is less than 6.5%. The testbed system is built on a software-defined radio (SDR) platform, showing that our work is capable of processing the real-world data.