This paper deals with the non-contact measurement of heartbeat and respiration using a millimeter-wave multiple-input–multiple-output (MIMO) frequency-modulated continuous-wave (FM-CW) radar. Monitoring heartbeat and respiration is useful for detecting cardiac diseases and understanding stress levels. Contact sensors are not suitable for these sorts of long-term measurements due to the discomfort and skin irritation they cause. Therefore, the use of non-contact sensors, such as radars, is desirable. In this study, we obtained heartbeat and respiration information from phase data measured using a millimeter-wave MIMO FM-CW radar. We propose a two-wave model based on a Fourier series expansion and extract respiration and heartbeat information as a minimization problem. This model makes it possible to produce respiration and heartbeat waveforms. The produced heartbeat waveform can be used for estimating the interbeat interval (IBI). Experiments were conducted to confirm the usefulness of the proposed method. Moreover, the estimated results were compared with the contact sensor’s results. The results for both types of sensors were in good agreement.