Satellite navigation receives requires to tracking code phase of satellite-s signals precisely because it affects the precision of pseudo-range directly. However, the multi-path effect introduces quite big errors to the traditional delay locked loop(DLL)-based estimators. An algorithm of multi-path mitigation by the method of wavelet analysis was proposed. The algorithm was formulated in detail. Simulation shows that it greatly improves the estimation performance of code phase compared with narrow correlator and double delta technique. Under certain extreme condition, this technique is equivalent to correlator method when Harr wavelets are adopted. The computation complexity is much lower than multipath mitigating technique(MMT) technique which is based on mostly likelihood method.