Background and objective: The locations and occurrence pattern of adventitious sounds in the respiratory cycle have critical diagnostic information. In a lung sound sample, the crackles and wheezes may exist individually or they may coexist in a successive/overlapping manner superimposed onto the breath noise. The performance of the linear time-frequency representation based signal decomposition methods has been limited in the crackle/ wheeze separation problem due to the common signal components that may arise in both time and frequency domain. However, the proposed resonance based decomposition can be used to isolate crackles and wheezes which behave oppositely in time domain even if they share common frequency bands. Methods: In the proposed study, crackle and/or wheeze containing synthetic and recorded lung-sound signals were decomposed by using the resonance information which is produced by joint application of the Tunable Qfactor Wavelet Transform and Morphological Component Analysis. The crackle localization and signal reconstruction performance of the proposed approach was compared with the previously suggested Independent Component Analysis and Empirical Mode Decomposition methods in a quantitative and qualitative manner. Additionally, the decomposition ability of the proposed approach was also used to discriminate crackle and wheeze waveforms in an unsupervised way by employing signal energy. Results: Results have shown that the proposed approach has significant superiority over its competitors in terms of the crackle localization and signal reconstruction ability. Moreover, the calculated energy values have revealed that the transient crackles and rhythmic wheezes can be successfully decomposed into low and high resonance channels by preserving the discriminative information. Conclusions: It is concluded that previous works suffer from deforming the waveform of the crackles whose time domain parameters are vital in computerized diagnostic classification systems. Therefore, a method should provide automatic and simultaneous decomposition ability, with smaller root mean square error and higher accuracy as demonstrated by the proposed approach.