The microseismic signal is easily affected by observation noise and the inaccurate estimation of traditional methods will seriously reduce the location accuracy of the microseismic event. Therefore, based on the continuous wavelet spectrum and the similarity coefficient, a fast and efficient microseismic time delay estimation method is proposed. Firstly, the original signals are denoised by continuous wavelet transform. Subsequently, the time-frequency transform of the original signal by continuous wavelet transform, time-frequency signal extraction is the process of band-pass filtering, which can further reduce the influence of noise interference on the time delay estimation. Finally, we calculated the similarity between the time-frequency signals via the time domain and frequency domain integration. The similarity function is based on correlation and proposed according to the time-frequency transformation provided by the phase spectrum to evaluate the similarity between two noisy signals. The time delay estimation is determined by searching for the similarity function peak. The experimental results show the precision and accuracy of the method over the cross-correlation method and generalized cross-correlation phase transformation method, especially when the signal-to-noise ratio is low. Therefore, a new time delay estimation method for non-stationary random signals is presented in this paper.