The analysis of fractured reservoirs is very important to hydrocarbon exploration. The quality factor Q is a parameter used to characterize the attenuation of seismic waves in subsurface media. Q not only reflects the inherent properties of the medium but also is used to make predictions regarding reservoir fractures. Compared with poststack seismic data, prestack seismic data contain detailed stratigraphic information of seismic attributes and data inversion in reservoirs. The extraction of absorption parameters from prestack data improves the accuracy of attenuation estimates. In this study, I present a new method for calculating Q based on the modified S transform (MST) using common midpoint (CMP) preprocessed gathers. First, I use the MST with adjustable timeโfrequency resolution to carry out a high-precision timeโfrequency analysis of prestack CMP gathers and derive the calculation formula for the improved S transform-based frequency spectrum ratio method. Then, I use the energy density ratio to calculate the slope of the frequency spectrum ratio instead of the conventional amplitude ratio. Thus, I establish the relation between the slope of the spectrum ratio and offset as well as eliminate the offset effect by multichannel linear fitting, obtaining accurate Q values from seismic prestack data. Finally, I use the proposed prestack Q extraction method to study the fractured reservoir in Qianjin burried hill and P-wave absorption and attenuation anisotropy with good results in the fracture characterization.