The empirical wavelet transform (EWT) algorithm was applied in ultrasound to explore the predictive value for fetal growth restriction (FGR) in fetal arteriovenous indexes. 142 pregnant women who received prenatal ultrasonic examination and delivered were selected. They were classified into control group and FGR group. There were 102 patients with normal pregnancy in the control group, and 40 patients with delayed fetal growth in the FGR group. The extended triple collocation (ETC) algorithm was employed to divide the Fourier spectrum of signals adaptively, and the constructed small filter banks were classified into corresponding intervals. The instantaneous frequency was analyzed, and the arterial blood flow indexes of the two groups were compared. The results showed that the time-frequency analysis method under EWT had lower normalization error and higher accuracy. The inner diameter and cross-sectional area of FGR were remarkably smaller than those of the control group, and the differences were statistically significant (P < 0.05). There were no significant differences in mean blood flow and mean blood velocity between the control group and FGR group (P > 0.05). The arterial blood flow parameters of the systolic flow velocity (VS) and the diastolic flow velocity (VD) in the FGR group were notably lower than those in the control group, and the differences were significant (P < 0.05). In conclusion, the frequency principal component extracted by EWT algorithm was less disturbed by noise, which could accurately and effectively evaluate fetal arteriovenous blood flow indexes and predict FGR.