The invention provides a method of simultaneously carrying out five-dimensional seismic data reconstruction and noise suppression. Firstly, in view of the defect of insufficient low-dimensional data reconstruction precision, Fourier transform is adopted as a sparse basis, five-dimensional seismic data information is used for data reconstruction, a projection onto convex sets algorithm is introduced during the process, a threshold parameter for an exponential square root decay law is provided, and a hard threshold operator is adopted to carry out independent reconstruction on each time slice; then, a weighting factor is introduced in the traditional projection onto convex sets algorithm, and thus, influences on the reconstruction result by noise during the reconstruction process are reduced; and finally, the method of simultaneously carrying out five-dimensional seismic data reconstruction and noise suppression can be realized. According to the method of simultaneously carrying out five-dimensional seismic data reconstruction and noise suppression provided by the invention, defects that the traditional two-dimensional or three-dimensional seismic data reconstruction precision is insufficient and the traditional method cannot simultaneously carry out data reconstruction and noise suppression are overcome, the reconstruction precision is greatly improved and requirements on memory of a computer are reduced.