As an effective time-frequency (TF) analysis method, S transform (ST) has an extensive application in signal processing. However, for broad-band seismic signals, the peaks of the frequency distribution in the TF spectrum of ST biases the actual Fourier spectrum. Besides, the TF resolution of ST is affected by the relatively fixed window function and the Heisenberg uncertainty principle. In order to correct the frequency bias and improve the TF resolution of ST, and at the same time, to increase the flexibility of the window function, we propose a new TF analysis method, called the deconvolutive frequency corrected three-parameter S transform (DFC-TPST). The DFC-TPST includes two steps: modifying the window function to achieve the frequency corrected three-parameter S transform (FC-TPST) and deconvoluting FC-TPST to achieve DFC-TPST. The synthetic example proves the superiority of the method in characterizing seismic signals. Through comparison of field data testing, we find that the proposed method can be well applied to the hydrocarbon detection in tight sandstone reservoir.