A migration method using hybrid one-way and full-way (HOF) wave equation propagation. The HOF method extrapolates seismic wavefields in less complex media with a one-way wave equation propagator and extrapolates seismic wavefields in extremely complex media with a full-way wave equation propagator. For prestack depth migration, the HOF extrapolates source-side and receiver-side wavefields independently. Frequency-space domain and time-space domain imaging conditions are applied to the one-way and the full-way extrapolated wavefields, respectively. A suitable amplitude matching factor is introduced to combine the one-way and full-way images. The HOF method is a cost-effective migration that produces superior image quality with less noises and less computational resources.