Currently, using the finite difference method to simulate millimeter-sized fractures in formations requires intensive calculations. However, only the time domain characteristics of the calculated borehole acoustic signal are often analysed, while the frequency domain characteristics are ignored. This study aims to obtain the time-frequency characteristics of full acoustic waveforms in different types of fractured formations while reducing operational time and to analyze more comprehensively the influence of fractures on time-frequency characteristics. Therefore, the variable grid finite difference method is used to simulate full acoustic waveforms in boreholes in formations with millimeter-sized horizontal fractures to reduce the computational time of the finite difference method. Afterwards, the wavelet transform is used to analyze the influence of fracture width, fracture number, and radial extension length on the waveform time-frequency characteristics. The results show that with increasing fracture width or number, the P- and S-wave arrival times are delayed, amplitude attenuation is enhanced, and the dominant frequency increases gradually. The frequency and amplitude attenuation of each Stoneley wave component also increases, and the arrival time of the 20–28 kHz high-frequency Stoneley wave is delayed. When the fracture radial length is limited, an increase in radial length delays the P- and S-wave arrival times, and the amplitude attenuation increases. The main S-, Stoneley, and pseudo-Rayleigh wave frequencies increase, and the Stoneley wave and pseudo-Rayleigh wave amplitude attenuation increases. When the fracture radial length is infinite, the P-wave and pseudo-Rayleigh wave amplitude attenuation increases, whereas that of the S-wave and Stoneley wave decreases. This study reveals the influence of fractures on the time-frequency characteristics of full acoustic waveforms in boreholes, provides a theoretical basis for the time-frequency analysis of full acoustic waveforms, and is significant for further clarification of the propagation characteristics of borehole acoustic waves in fractured formations.