Adaptive wavelet transform techniques for studying of microcirculatory blood flow oscillations are described. It is shown that the suggested methods will be especially claimed in the analysis of low-frequency components of short-lived transient processes under various functional test conditions. In addition, the use of adaptive wavelet transform reduces the essential duration of signal registration, which can be useful in the study of the microhemodynamics in patients with heavy pathologies. Also the method for investigating the phase relationships between microvasculatory oscillations is given which based on estimating the values of wavelet phase coherence function. The proposed method makes it possible to identify frequency intervals with high and low phase correlations of peripheral blood flow oscillations.