This study evaluated whether wavelet functions (Bior1.3, Bior2.4, Db4, Db8, Haar, Sym4, and Sym8) and decomposition levels (Levels 3-8) can estimate soil properties. The analysis is based on the discrete wavelet transform with partial least-squares (DWT-PLS) method, incorporated into a visible and near-infrared reflectance analysis. The improved DWT-PLS method (called DWT-Stepwise-PLS) enhances the accuracy of the quantitative analysis model with DWT-PLS. The cation exchange capacity (CEC) was best estimated by the DWT-PLS model using the Haar wavelet function. This model yielded the highest coefficient of determination (R v 2 = 0.787, p < 0.001), with the highest relative percentage deviation (RPD = 2.047) and lowest root mean square error (RMSE = 4.16) for the validation data set of the CEC. The RPD of the SOM predictions by DWT-PLS using the Bior1.3 wavelet function was maximized at 1.441 (R v 2 = 0.642, RMSE = 5.96), highlighting the poor overall predictive ability of soil organic matter (SOM) by DWT-PLS. Furthermore, the best performing decomposition levels of the wavelet function were distributed in the fifth, sixth, and seventh levels. For various wavelet functions and decomposition levels, the DWT-Stepwise-PLS method more accurately predicted the quantified soil properties than the DWT-PLS model. DWT-Stepwise-PLS using the Haar wavelet function remained the best choice for quantifying the CEC (R v 2 = 0.92, p < 0.001, RMSE = 4.91, and RPD = 3.57), but the SOM was better predicted by DWT-Stepwise-PLS using the Bior2.4 wavelet function (R v 2 = 0.8, RMSE = 5.34, and RPD = 2.24) instead of the Bior1.3 wavelet function. However, the performance of the DWT-Stepwise-PLS method tended to degrade at high and low decomposition levels of the DWT. These degradations were attributed to a lack of sufficient information and noise, respectively.