To suppress the fluctuation effect due to laser power instability and terahertz radiation fluctuation, a homomorphic filtering method is proposed to process the terahertz images obtained from a pulsed terahertz raster scanning imaging system. The physical model of homomorphic filtering for terahertz imaging is established. The mathematical expressions are given with the specific physical meaning in accordance with the imaging principle. To demonstrate the effectiveness of the method, a homomorphic filtering experiment based on two raw terahertz images selected from the literature using a continuous-wave (CW) terahertz source is also performed. The effect of the method is compared with those described in the literature, and the advantages of homomorphic filtering are discussed. The pulsed- and CW-terahertz image processing results both show that in addition to suppressing the fluctuation effect, the method can also enhance target imaging.