More and more unexpected incidents come out currently. Static sensor networks cannot satisfy the increasing need for emergency response due to lack of adaptivity and limited coverage; thus mobile sensor networks become the research focus. Ranging is one of the most critical sensing functions for mobile sensor networks. In this paper, a flying laser ranging sensor is proposed; essentially, based on microunmanned air vehicles, a pulsed time-of-flight (TOF) laser rangefinder (LRF) is realized. Because of walk error, time jitter, temperature drift, and other factors, there is still room to improve the measurement precision of pulsed TOF LRFs. So the paper presents a novel interval time amendment approach for higher ranging precision. Based on leading-edge time discrimination, this method first employs wavelet multiresolution analysis to compute compensation time values, which are computed mainly from local modulus maxima (LMMs) position differences. With approximations of signals similarity and measurement relative error (MRE), a fusion evaluation is built to select the best wavelet parameters, and optimal corrected measurement model is obtained. Results show that MRE of the corrected model is reduced by 73.41%, and the performance of flying laser ranging sensor is improved significantly with multiresolution model correction.