Abstract: The object of this study is correlation processing of radar signals with multilevel quantization. It is proposed to solve the problem with the use of mathematical tools of the theory of probability. The study describes statistical characteristics of correlator input and output signals. The study takes into account random nature of both input signals of correlator. Correlator input signals product joint probability distribution density is presented. The formula for calculation of signal/noise ratio at correlator output is presented which accounts for quantization bit depth effect.