To compare and analyze the dispersion accuracy of Rayleigh wave calculated by wavelet transform and S transform, the authors applied staggered grid high-order finite difference method to two-layer model and six-layer model designed by the authors, then the Rayleigh wave records of different modes in time-space domain were isolated by using F-K method, and Rayleigh wave dispersion curves of different modes were calculated by using wavelet transform and S transform in comparison with the theoretical values. Finally, the two methods were used to deal with real data. The results shows that the error in the low frequency of the dispersion curve calculated by wavelet transform is relatively large and the accuracy of the dispersion curve calculated by S transform is higher than that calculated by wavelet transform on the whole.