An in-line transition between a coaxial cable and rectangular waveguide operating in Q-band (33–50 GHz) is presented. The aim of the work is to minimize the modifications in the waveguide to the strictly necessary to overcome the manufacturing issues due to the high frequencies involved. In addition, the transition is compact and it does not increase the space occupation on the transverse section, this suggests its application in horn antennas clusters arrangement. The operating principle consists of both a modal conversion and an impedance matching between the devices. The modal conversion is realized in an intermediate region, where the coaxial penetrates in the waveguide: the device geometry is designed so that the electric field in the transition is a trade-off between the TEM mode of the coaxial and the TE10 of the guide. A shaped waveguide backshort and a reactive air gap in the coaxial cable co-participate to achieve the matching. An optimized Chebyshev stepped transformer completes the transition to fulfil the impedance mismatch with the full waveguide. The design issues and technological aspects are considered. The influences of the feeding pin misalignment, the presence of groove is included in the analysis and these practical aspects are discussed and numerically validated via the scattering parameters analysis of the proposed design. The return loss is higher than 25 dB over the whole Q-band.