Microseismic monitoring is an important technology used to evaluate hydraulic fracturing, and denoising is a crucial processing step. Analyses of the characteristics of acquired three-component microseismic data have indicated that the vertical component has a higher signal-to-noise ratio (SNR) than the two horizontal components. Therefore, we propose a new denoising method for three-component microseismic data using re-constrain variational mode decomposition (VMD). In this method, it is assumed that there is a linear relationship between the modes with the same center frequency among the VMD results of the three-component data. Then, the decomposition result of the vertical component is used as a constraint to the whole denoising effect of the three-component data. On the basis of VMD, we add a constraint condition to form the re-constrain VMD, and deduce the corresponding solution process. According to the synthesis data analysis, the proposed method can not only improve the SNR level of three-component records, it also improves the accuracy of polarization analysis. The proposed method also achieved a satisfactory effect for field data.