Audio signals are information rich nonstationary signals that play an important role in our day-to-day communication, perception of environment, and entertainment. Due to its non-stationary nature, time- or frequency-only approaches are inadequate in analyzing these signals. A joint time-frequency (TF) approach would be a better choice to efficiently process these signals. In this digital era, compression, intelligent indexing for content-based retrieval, classification, and protection of digital audio content are few of the areas that encapsulate a majority of the audio signal processing applications. In this paper, we present a comprehensive array of TF methodologies that successfully address applications in all of the above mentioned areas. A TF-based audio coding scheme with novel psychoacoustics model, music classification, audio classification of environmental sounds, audio fingerprinting, and audio watermarking will be presented to demonstrate the advantages of using time-frequency approaches in analyzing and extracting information from audio signals.