Borehole thermal resistance and ground thermal properties (thermal conductivity and heat capacity) are the key parameters to implement the ground source heat pump (GSHP), usually obtained by thermal response test. In this study, a novel sequential parameters estimation method for the above three parameters is proposed, and the sensitivity analysis by using a special correlation method is performed to decide the best estimation sequences. At first, the Spearman partial rank correlation coefficient was used to represent the correlation between the estimated thermal properties and fluid temperature for the line source model (ILS), then the estimation sequence for the three parameters could be determined by the correlation results. Lastly, with the estimation step, Monte Carlo method was adopted to determine the parameters replacing conventional iterative algorithms. In addition, the effect of value bounds and initial inputs as well as random samples was investigated. The results showed that compared to the other estimation steps, the estimation sequence following borehole resistance firstly, then thermal conductivity, heat capacity lastly could get the best precision with 4.5%, 0.4%, 1% respectively. Specially, the estimation precision for ground heat capacity could be promoted by the sequential estimation. Also, the effect of value bounds on estimation precision was nearly eliminated by the proposed method.