We conducted positron emission tomography (PET) image reconstruction experiments using the wavelet transform. The Wavelet-Vaguelette decomposition was used as a framework from which expressions for the necessary wavelet coefficients might be derived, and then the wavelet shrinkage was applied to the wavelet coefficients for the reconstruction (WVS). The performances of WVS were evaluated and compared with those of the filtered back-projection (FBP) using software phantoms, physical phantoms, and human PET studies. The results demonstrated that WVS gave stable reconstruction over the range of shrinkage parameters and provided better noise and spatial resolution characteristics than FBP.