Instantaneous frequency (IF) estimation of multi-component signals with closely spaced and intersecting signal components of varying amplitudes is a challenging task. This paper presents a novel iterative time–frequency (TF) filtering approach to address this problem. The proposed algorithm first adopts a high-resolution time–frequency distribution to resolve close components in the TF domain. Then, IF of the strongest signal component is estimated by a new peak detection and tracking algorithm that takes into account both the amplitude and the direction of peaks in the TF domain. The estimated IF is used to remove the strongest component from the mixture, and this process is repeated till the IFs of all signal components are estimated. Experimental results show the superiority of the proposed method as compared to other state-of-the-art methods