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τ-p transform method is the most effective method for separating P-SV wave from P-P wave, but sometimes P-SV wave overlaps P-P wave and can not be separated completely in τ-p domain. When offset is shorter than interface depth in seismic exploration, the time-distance curve equations of P-SV wave and P-P wave can approximate to parabolic equations. Aiming at this situation, a method to separate P-SV wave from P-P wave by coordinate stretch τ-p transform based on parabolic equation is present. The authors process the seismic records by coordinate stretch along space direction and do τ-p transform at first, and then separate P-SV wave from P-P wave in τ-p domain, and inverse τ-p transform for P-SV wave and P-P wave respectively to separate P-SV wave from P-P wave finally. In contrastwith normal τ-p transform, thismethod can separate P-SV wave from P-P wave completely and effectively.