Affected by excitation conditions, absorption, and attenuation of stratum and receiving instruments, the seismic signal is non-stationary and nonlinear. Time-frequency spectral analysis methods are effective and widely used in describing the time-varying features of seismic signals. However, these methods are all based on additive expansions, and cannot represent the nonlinearity of signal, which is achieved through a multiplicative process. Therefore, the information provided by the time-frequency spectrum is incomplete. To show the nonlinearity of seismic signal, that is, the modulation effect of low-frequency components on high-frequency components, the Holo-Hilbert spectral analysis method is introduced in this paper. Holo-Hilbert spectral analysis (HHSA) contains nested empirical mode decomposition and Hilbert transform to achieve a full informational spectrum represented by two frequency dimensions. In the Holo-Hilbert spectrum, one dimension represents frequency-modulated (FM) frequency, which characterizes the non-stationarity of the signal, and the other dimension represents the amplitude-modulated (AM) frequency, which indicates the nonlinear effect in the signal. Synthetic and field data examples verify the feasibility of HHSA in characterizing the cross-frequency interaction of non-stationary seismic signals as a potential tool to detect reservoirs.