The processing efficiency of the widely used time-space (t-x) domain vertical seismic profiling (VSP) wavefield separation methods (such as median and singular value decomposition filtering) via one-dimensional discrete Fourier transform (DFT) depends on the wavefield separation method (or algorithm with processing parameter) and the total number of samples in the input VSP data. Once the wavefield separation method is determined, its processing efficiency is set and cannot be optimized. Although the popular frequency-wavenumber (f-k) domain VSP wavefield separation method via two-dimensional DFT has higher processing efficiency than the t-x domain VSP wavefield separation methods, its processing precision is susceptible to the spatial alias and Gibbs effects. For efficiency and precision improvements, we introduced the discrete cosine transform (DCT) operation into VSP wavefield separation for the first time, and proposed a high-efficiency and precision frequency-space (f-x) domain VSP wavefield separation method via DFT and DCT, in which the wavefield separation efficiency and precision can be optimized using the effective bandwidth cutoff frequency of the input VSP data. Based on the relationship between DFT and DCT, we combined their operations in the proposed method into one step (referred to as DCT–DFT) for further efficiency enhancement, thereby designing a high-efficiency and precision f-x domain VSP wavefield separation method via DCT–DFT. Theory analysis and synthetic and field VSP data examples show that the proposed method is highly efficient and precise, and can be widely used for three-dimensional (3D)-VSP data wavefield separation, especially for large distributed acoustic sensing (DAS)-VSP data.