This invention is a method of separating induced microseismicity signals from seismic signals acquired within active seismic monitoring operations carried out in underground zones under development which has application for monitoring of underground hydrocarbon or fluid storage reservoirs. Seismic records are formed from signals emitted by one or more seismic sources controlled by orthogonal signals. In this case, the signals are processed to separate the respective contributions of the at least one seismic source to the signals received and to reconstruct the seismograms equivalent to those that would be obtained by actuating the at least one seismic source separately. The induced microseismicity signals (passive seismic signals) are separated from the seismic signals coming from sources (active seismic signals) essentially by isolating the contribution thereof by comparison with a spectral reference model at the fundamental frequencies emitted and at the respective harmonics thereof, and by reconstructing in the time domain the induced microseismicity signals and the signals coming from the at least one seismic source.