A system, method and computer program product for seismic imaging implements a seismic imaging algorithm utilizing Reverse Time Migration technique requiring large communication bandwidth and low latency to convert a parallel problem into one solved using massive domain partitioning. Since in RTM, both the forward and reverse wave propagation is iteratively calculated on time step increments, the method implements methods that includes partitioning memory between computation and intermediate results to optimize an RTM computation. The methods make maximum use of the memory to either eliminate storing the snapshot wavefield data to disk, or hide all or a significant portion of the disk I/O time. Furthermore, the schemes can provide the flexibility to vary a number of iterations (step size) for each snapshot to be kept in the memory. If any of the given conditions changes during the process, maximum usage of the available memory is ensured.