Terahertz frequency-wavelet deconvolution is utilized specifically for the stratigraphic and subsurface investigation of art paintings with terahertz reflective imaging. In order to resolve the optically thin paint layers, a deconvolution technique is enhanced by the combination of frequency-domain filtering and stationary wavelet shrinkage, and applied to investigate a mid-20th century Italian oil painting on paperboard, After Fishing, by Ausonio Tanda. Based on the deconvolved terahertz data, the stratigraphy of the painting including the paint layers is reconstructed and subsurface features are clearly revealed, demonstrating that terahertz frequency-wavelet deconvolution can be an effective tool to characterize stratified systems with optically thin layers.