Speech recognition is a specialized pattern recognition task with several applications such as vocal command system, dictating machines, and understanding systems. In recent years, research on pattern recognition has increased by developing various methods and algorithms for different applications. In this paper, we proposed a novel training algorithm based on the fast Beta wavelet transform for speech recognition. This approach has many advantages compared to other algorithms. The majority of the old approaches need to inverse matrix, which can be computationally intensive. However, the new algorithm is computed by the iterative application of fast wavelet transform to compute connection weights. To highlight our approach, we compared its experimental results to those of the old ones.