In solving the monostatic electromagnetic scattering problem, the traditional improved primary characteristic basis function method (IPCBFM) often encounters difficulties in constructing the reduced matrix due to the long computation time and low accuracy. Therefore, a new method combining the compressed sensing (CS) technique with IPCBFM is proposed and applied to solve the monostatic electromagnetic scattering problem. The proposed method utilizes the characteristic basis functions (CBFs) generated by the IPCBFM to achieve a sparse transformation of the surface-induced currents. Several rows in the impedance matrix and excitation vector are selected as the observation matrix and observation vector. The QR decomposition is adopted as the recovery algorithm to realize the recovery of surface-induced currents. Numerical simulations are performed for cylinder, cube, and almond models, and the results show that the new method has higher solution accuracy, shorter computation time, and stronger solution stability than the traditional IPCBFM. It is worth mentioning that the new method reduces the recovery matrix size and the number of CBFs quantitatively, and provides a novel solution for solving monostatic RCS of complex targets.