Using the annual WAVEFORM data of the Zhejiang offshore area from the SARAL satellite provided by AVISO, we analyzed the satellite waveform and proposed a new method of waveform retracking for offshore areas. With this method, a waveform was retracked according to its characteristics based on the physical mechanism. Through gross error elimination, collinear averaging, and comparison analysis of the waveform before and after retracking, we found that at 27° latitude around, the mean sea level drawn from raw data was 10. 770 m, and the standard deviation was 4. 515 m; the mean sea level drawn from retracked data was 12. 601 m, and the standard deviation was 1. 263 9 m. Around 30° latitude, the mean sea level drawn from raw data was 12. 236 m, and the standard deviation was 1. 877 m; the mean sea level drawn from retracked data was 12. 503 m, and the standard deviation was 0. 419 m. We compared the altimetry data with tidal gauge data, and obtained the following results: the mean difference between the raw data and tidal gauge data was 0. 275 m, and the standard deviation was 0. 273 m; the mean difference between the retracked data and tidal gauge data was 0. 046 m, and the standard deviation was 0. 049 m. The results show that the method discussed in this paper can greatly improve the accuracy and quality of satellite altimetry data.