To address the significant performance degradation of conventional underdetermined blind source separation algorithms for frequency-hopping (FH) signals under time-frequency (TF) overlapping conditions, this paper presents a novel three-stage scheme based on the TF distribution of FH signals. In the first stage, key parameters of the FH signal are estimated using a TF binary graph. In the second step, the initial mixing matrix is estimated for non-overlapping and overlapping carrier frequencies employing density peaks clustering and tensor decomposition methods, respectively. In the third step, the final mixing matrix, directions of arrival (DOA), and source signals are estimated using the expectation-maximization algorithm within the nonnegative matrix factorization model. Finally, different segments of the FH signals are spliced together based on the DOAs of different source signals. Comprehensive experimental results demonstrate the superior performance of the proposed algorithm compared to state-of-the-art algorithms. Even at a signal-to-noise ratio of 5 dB, the correlation coefficient of the estimated source signals can still reach 0.91.