In view of the problem that overlapping pulses in small footprint full waveform airborne laser scanning waveform data are difficult to parse and the actual measurement wave data usually shows the broadening or peak form. A combination method of wavelet transform and generalized Gaussian model (WT-GGM) is proposed to resolve the wave data of airborne LiDAR. The wavelet transform method with the characteristics of multi-resolution analysis shows the unique advantages in detecting the non-stationary, weak, transient and singular signals. The compare generalized Gaussian model as the waveform component modeling model can effectively dispose the broadening or peak form by adjusting its shape parameter. In order to verify the validity of the proposed algorithm, a contrast experiment of waveform analysis is carried out by using the WT-GGM method, the COG method, the GIPM method and the RGD algorithm. The results show that the wavelet transform can effectively decompose the targets within the overlapping waveform. And the number of targets detected by the WT-GGM method is roughly the same with the GIPM and RGD method, two times of the COG method.