A nonlinear stretching‐and‐squeezing approach is proposed for interpolation and regularization of the teleseismic receiver function (RF) of a regional seismic array. Synthetic experiments for several models show that our method is effective and has the advantages of being able to recover rapid horizontal variations of subsurface interface and mitigate stair‐step artifacts. Our method is also applied to a field dataset of the Wabash Valley seismic array. The common‐conversion‐point (CCP) stacking test shows that high‐quality images can be obtained using the interpolated RFs with the nonlinear stretching‐and‐squeezing interpolation method. Our method can be used as a pragmatic preprocessing tool in RF seismic imaging, migration, and inversion.