Cables have been increasingly utilized in modern long-span or tied-arch bridges as the main bearing structures. Real-time identification of time-varying cable tension is essential for assessing the service performance of bridges. Vibration-based methods have been an increasing research focus in recent decades. However, a long time interval is needed to estimate structural frequency using vibration-based methods, increasing the calculating time of cable tension. The time-varying cable tension is thus difficult to extract. This study proposes a time-frequency reassignment-based algorithm to reduce the detection time to address this issue. Combined with a time-frequency analysis tool and vibration theory of cables, the algorithm can identify the time-varying frequency and further quickly calculate the time-varying cable tension within 12.8 s. The features of the proposed algorithm are mainly threefold: identifying the time-varying frequencies with high precision; without some prior knowledge of vibration; having no other requirements for sensor modes. Moreover, the experimental validation is conducted using a quasi-static loading in a workshop and a dynamic field test on Sutong Bridge, respectively. The results show that the proposed algorithm can be used to identify time-varying tension and assess the service performance of cables, providing a new path for real-time condition monitoring of bridges in service.