Accurate wavelet estimation is crucial in the deconvolution of seismic data. As per the convolution model, the recorded seismic trace is the result of convolution of the Earth's unknown reflectivity series with the propagating seismic source wavelet along with the additive noise. The deconvolution of the source wavelet from the recorded seismic traces provides useful estimates of the Earth's unknown reflectivity and comes in handy as an aid to geological interpretation. This deconvolution process usually involves estimation of a wavelet, before it is removed by digital filtering. Because the Earth's reflectivity and seismic noise are both unknown, the wavelet estimation process is not easy. Statistical methods estimate the wavelet using the statistical properties of the seismic data and are based on certain mathematical assumptions. The most commonly used method assumes that the wavelet is minimum phase and that the amplitude spectrum and the autocorrelation of the wavelet are the same as the amplitude spectrum and the autocorrelation of the seismic traces, within a scale factor, in the time zone from where the wavelet is extracted (stationary assumption).