An improved norm-constrained set-membership normalized least mean square (INCSM-NLMS) algorithm is proposed for adaptive sparse channel estimation (ASCE). The proposed INCSM-NLMS algorithm is implemented by incorporating an lp-norm penalty into the cost function of the traditional set-membership normalized least mean square (SM-NLMS) algorithm, which is also denoted as lp-norm penalized SM-NLMS (LPSM-NLMS) algorithm. The derivation of the proposed LPSM-NLMS algorithm is given theoretically, resulting in a zero attractor in its iteration. By using this proposed zero attractor, the convergence speed is effectively accelerated and the channel estimation steady-state error is also observably reduced in comparison with the existing popular SM-NLMS algorithms for estimating exact sparse multipath channels. The estimation behaviors are investigated via a typical sparse wireless multipath channel, a typical network echo channel, and an acoustic channel. The computer simulation results show that the proposed LPSM-NLMS algorithm is better than those corresponding sparse SM-NLMS and traditional SM-NLMS algorithms when the channels are exactly sparse.