A novel cascaded χ(2) wavelength conversion of picosecond pulses based on sum frequency generation and difference frequency generation (SFG+DFG) is proposed and experimentally demonstrated in LiNbO3 waveguides. The signal pulse with 40-GHz repetition rate and 1.57-ps pulse width is adopted. First of all, high conversion efficiency about -18.93dB can be achieved with low power level required for both two pump lights, which is greatly enhanced approximately 8dB compared with the conventional cascaded second-order nonlinear interactions (SHG+DFG) with a single and much higher power pump. Secondly, the wavelength of the converted idler wave can be tuned from 1527.4 to 1540.5nm when the signal wavelength is changed from 1561.9 to 1548.4nm, and about 13.1nm converted idler bandwidth is achieved with the conversion efficiency higher than -31dB. Thirdly, two pump wavelengths can be separated as large as 17.3nm. Meanwhile, when one pump wavelength is fixed at 1549.1nm, the other can be tuned within a wide wavelength range about 7.6nm with the conversion efficiency higher than -34dB, which is much larger than that in the SHG+DFG situation. Finally, the temporal waveform of the converted idler pulse is observed with rather clear appearance achieved, and no obvious changes of the pulse shape and width are found compared with its corresponding original injected signal, showing that our proposed scheme exhibits a very good conversion performance.