Due to the capacity of compressing and recovering signal with low energy consumption, compressive sensing (CS) has drawn considerable attention in wireless telemonitoring of electrocardiogram (ECG) signals. However, most existing CS methods are designed for reconstructing single channel signal, and hence difficult to reconstruct multichannel ECG signals. In this paper, a spatio-temporal sparse model-based algorithm is proposed for the reconstruction of multichannel ECG signals by not only exploiting the temporal correlation in each individual channel signal, but also the spatial correlation among signals from different channels. In addition, a dictionary learning (DL) approach is developed to enhance the performance of the proposed reconstruction algorithm by using the sparsity of ECG signals in some transformed domain. The approach determines a dictionary by learning local dictionaries for each channel and merging them to form a global dictionary. Extensive simulations were performed to validate the proposed algorithms. Simulation results show that the proposed reconstruction algorithm has a better performance in recovering multichannel ECG signals as compared to the benchmarking methods. Moreover, the reconstruction performance of the algorithm can be further improved by using a dictionary matrix, which is obtained from the proposed DL algorithm.