The power spectrum estimator based on the Discrete Wavelet Transfor-mation (DWT) is applied to detect the clustering power in the IRAS Point Source Catalog Redshift Survey (PSCz). Comparison with mock samples extracted from N-body simulation shows that the DWT power spectrum estimator could provide a robust measurement of banded fluctuation power over a range of wavenumbers 0.1 ～ 2.0hMpc-1. We have fitted three typical CDM models (SCDM, тCDM and ACDM) using the Peacock-Dodds formula including non-linear evolution and redshift distortion. We find that, our results are in good agreement with otherstatistical measurements of the PSCz.