Blind wavelet extraction and de-convolution is performed on seismic data to enable its practical usage in seismic processing and to provide quality control of data obtained in areas where data from wells are not available. The wavelet extraction and deconvolution are realized in the time domain by iteration, producing a mixed phase wavelet with minimal prior knowledge of the actual nature of the wavelet. As a result of the processing, the de-convolved seismic reflectivity is obtained simultaneously.