The study investigates the lead-lag relationship in Turkey by employing wavelet analysis, mainly continuous wavelet analysis, cross wavelet transforms and wavelet coherence and phase-difference, during the period from 1987 to 2019. Our finding confirms the existing relationship between money supply and inflation, and also showing a different pattern for the structure of the relationship between money supply and inflation; moreover, the result corresponds with the fact that Turkey experienced many economic crises during the period. Additionally, the results show that the lead-lag relationship between money supply and inflation is changeable and the inflation leads as a result of the Demand-pull theory. The result is consistent with the traditional quantity theory of money in the long run, and; also regarding the modern quantity theory of money, there is also short-run and long-run relationship between money supply and inflation.