A fast estimation method using wavelet transform for a time delay system is proposed. Main point of this method is to get the wavelet transform of the correlation between the input signal and delayed signal using transformed signals. But wavelet transform using Haar wavelet functions has basis with different phases and can offers a bisection method to estimate a time delay of a signal. Selective computation of the transform of correlation is performed and the computational complexity is reduced. Computational order of this method is O(N log N) and it is much love. than a simple correlation esimation when the length of signal is long.