The singular value decomposition (SVD) enhanced improved ultrawideband characteristic basis function method (IUCBFM) is proposed to efficiently analyze the wideband scattering problems. In the conventional IUCBFM, the SVD is only applied to reduce the linear dependency among the characteristic basis functions (CBFs) due to the overestimation of incident plane waves. However, the increase in the size of the targets under analysis will require a large number of incident plane waves and it will become very time-consuming to solve such numbers of the matrix equation. In this paper, the excitation matrix is compressed by using the SVD in order to reduce both the number of matrix equation solutions and the number of CBFs compared with the traditional IUCBFM. Furthermore, the dimensions of the reduced matrix and the reduced matrix filling time are significantly reduced. Numerical results demonstrate that the proposed method is accurate and efficient.