Electroencephalogram (EEG) signals are an essential tool for the detection of epilepsy. Because of the complex time series and frequency features of EEG signals, traditional feature extraction methods have difficulty meeting the requirements of recognition performance. The tunable Q-factor wavelet transform (TQWT), which is a constant-Q transform that is easily invertible and modestly oversampled, has been successfully used for feature extraction of EEG signals. Because the constant-Q is set in advance and cannot be optimized, further applications of the TQWT are restricted. To solve this problem, the revised tunable Q-factor wavelet transform (RTQWT) is proposed in this paper. RTQWT is based on the weighted normalized entropy and overcomes the problems of a nontunable Q-factor and the lack of an optimized tunable criterion. In contrast to the continuous wavelet transform and the raw tunable Q-factor wavelet transform, the wavelet transform corresponding to the revised Q-factor, i.e., RTQWT, is sufficiently better adapted to the nonstationary nature of EEG signals. Therefore, the precise and specific characteristic subspaces obtained can improve the classification accuracy of EEG signals. The classification of the extracted features was performed using the decision tree, linear discriminant, naive Bayes, SVM and KNN classifiers. The performance of the new approach was tested by evaluating the accuracies of five time-frequency distributions: FT, EMD, DWT, CWT and TQWT. The experiments showed that the RTQWT proposed in this paper can be used to extract detailed features more effectively and improve the classification accuracy of EEG signals.