In the assessment of pipeline integrity using magnetic flux leakage (MFL) detection, it is crucial to quantify defects accurately and efficiently using MFL signals. However, in complex detection environments, traditional defect inversion methods exhibit low quantification accuracy and efficiency due to the complexity of their algorithms or excessive reliance on a priori knowledge and expert experience. To address these issues, this study presents a novel defect quantification method based on multi-sensor signal fusion (MSSF). The method employs a multi-sensor probe to fuse the MFL signals under multiple lift-off values, enhancing the diversity of defect information. This enables defect-opening profile recognition using the characteristic approximation approach (CAA). Subsequently, the MSSF method is based on a 3D magnetic dipole model and integrates the structural features of multi-sensor probes to develop an algorithm. This algorithm iteratively determines the defect depth at multiple data acquisition points within the defect region to obtain the maximum defect depth. The feasibility of the MSSF quantification method is validated through finite element simulation and physical experiments. The results demonstrate that the proposed method achieves accurate defect quantification while enhancing efficiency, with the number of iterations for each defect depth calculation point consistently requiring fewer than 15 iterations. For rectangular metal loss, perforation, and conical defects, quantification errors are less than 10%, meeting practical inspection requirements.