Modern radar technology requires high-quality signals and detection performance. However, traditional frequency-modulated continuous wave (FMCW) radar often has poor anti-jamming capabilities, and the high sampling rates associated with large time-bandwidth product signals can lead to increased system hardware costs and reduced data processing efficiency. This paper constructed a composite radar waveform based on noise frequency modulation (NFM) and linear frequency modulation (LFM) signals, enhancing the signal’s complexity and anti-jamming capability. Furthermore, a method for optimizing the processing of echo signals based on de-chirp and delay matching is proposed. The locally generated LFM signal is used to de-chirp the received echoes, resulting in a narrowband difference frequency noise signal. Subsequently, delay matching is performed in the fast time domain using the locally generated NFM signal according to the number of sampling points in the traversal processing period, allowing for the acquisition of target delay information. While reducing the analog-to-digital (A/D) sampling rate, the detection performance for wideband echo signals under high sampling rates is still maintained, with sidelobe levels and range resolution preserved. Accumulating this information in the slow time domain enables accurate target detection. The effectiveness of the proposed method is validated through simulation experiments.