The authors investigate effective bandwidth estimation and Quality of Service (QoS) aware bandwidth provisioning for multifractal network traffic flows. They develop a novel adaptive wavelet-based multifractal model (AWMM) by using properties of the wavelet coefficients of multifractal cascade processes. The proposed AWMM has real-time updating capability and proves to be efficient in capturing multifractal network traffic characteristics. In addition, the authors derive an analytical expression for the effective bandwidth estimation of AWMM traffic flows, capable of being used to meet desired byte loss probabilities. Finally, they present an online effective bandwidth estimation algorithm that is incorporated into an adaptive bandwidth provisioning scheme and comparatively evaluated against some other bandwidth allocation methods.