The data post-processing technique is an effective method to solve multipath effect in the highly accurate positioning with the global positioning system (GPS). And the method of extraction and reduction of multipath effect based on the wavelet analysis is developing to be an effective method. A new method based on the lifting wavelet technique to eliminate the multipath effect is put forward in the paper. Then a practical case is made. The results indicate that the new method is very effective to reduce the multipath effect. It is very simple to realize the method and the method has the merit of highly efficient computation.