Time-resolved magnetic sensing is of great importance from fundamental studies to applications in physical and biological sciences. Recently the nitrogen-vacancy (NV) defect center in diamond has been developed as a promising sensor of magnetic field under ambient conditions. However the methods to reconstruct time-resolved magnetic field with high sensitivity are not yet fully developed. Here, we propose and demonstrate a novel sensing method based on spin echo, and Haar wavelet transform. Our method is exponentially faster in reconstructing time-resolved magnetic field with comparable sensitivity over existing methods. Further, the wavelets unique features enable our method to extract information from the whole signal with only part of the measuring sequences. We then explore this feature for a fast detection of simulated nerve impulses. These results will be useful to time-resolved magnetic sensing with quantum probes at nano-scales.