Since it is difficult to obtain the accurate running status of mechanical equipment with only one sensor, multisensor measurement technology has attracted extensive attention. In the field of mechanical fault diagnosis and condition assessment based on vibration signal analysis, multisensor signal denoising has emerged as an important tool to improve the reliability of the measurement result. A reassignment technique termed the synchrosqueezing wavelet transform (SWT) has obvious superiority in slow time-varying signal representation and denoising for fault diagnosis applications. The SWT uses the time–frequency reassignment scheme, which can provide signal properties in 2D domains (time and frequency). However, when the measured signal contains strong noise components and fast varying instantaneous frequency, the performance of SWT-based analysis still depends on the accuracy of instantaneous frequency estimation. In this paper, a matching synchrosqueezing wavelet transform (MSWT) is investigated as a potential candidate to replace the conventional synchrosqueezing transform for the applications of denoising and fault feature extraction. The improved technology utilizes the comprehensive instantaneous frequency estimation by chirp rate estimation to achieve a highly concentrated time–frequency representation so that the signal resolution can be significantly improved. To exploit inter-channel dependencies, the multisensor denoising strategy is performed by using a modulated multivariate oscillation model to partition the time–frequency domain; then, the common characteristics of the multivariate data can be effectively identified. Furthermore, a modified universal threshold is utilized to remove noise components, while the signal components of interest can be retained. Thus, a novel MSWT-based multisensor signal denoising algorithm is proposed in this paper. The validity of this method is verified by numerical simulation, and experiments including a rolling bearing system and a gear system. The results show that the proposed multisensor matching synchronous squeezing wavelet transform (MMSWT) is superior to existing methods.