The inverse Q filtering method with a stabilization factor solves the noise amplification problem caused by the exponential growth of the amplitude compensation operator in traditional inverse Q filtering to a certain extent, but it is not ideal for reducing noise and amplitude compensation of deep seismic records. The inverse Q filtering method with a variable stabilization factor is superior to the inverse Q filtering method with a constant stable factor in reducing noise, but the amplitude compensation for the deep seismic record is still not ideal, especially when the quality factor Q value is small. In addition, because its compensation function changing with time and frequency is fixed, its amplitude compensation cannot be flexibly carried out according to the characteristic of seismic records. We have developed a novel inverse Q filtering method with a new variable stabilization factor under the constraint of signal-to-noise ratio (S/N). The S/N of seismic data is taken as prior information, and the stabilization factor is a function of the S/N and the quality factor. The amplitude compensation operator changes dynamically with time, frequency, S/N, and the quality factor, which can accurately compensate for the effective amplitude while avoiding enhancing the noise energy. Theoretical synthetic seismic data and real seismic data using the new method find significant improvements in amplitude compensation and suppression of noise energy. The new method has the strongest comprehensive ability of amplitude compensation and noise suppression. The resolution and S/N of seismic data processed by the new method have been improved.