AbstractMulti‐parameter elastic full‐waveform inversion is a technique that utilizes both P‐ and S‐waves of observed seismic data to produce high‐resolution velocity and density models with accurate amplitude information by minimizing the discrepancy between the predicted and observed multi‐component data. However, due to the nonlinear nature of the multi‐parameter inverse problem, elastic full‐waveform inversion is prone to local minima and ‘cycle‐skipping’. To overcome these challenges, this paper proposes an elastic full‐waveform inversion method that incorporates a double‐cross‐shaped discrete flux‐corrected transport. This method additionally introduces diffusion fluxes in two diagonal directions, which helps to capture low‐frequency information in the observed seismic data and maintain forward modelling stability. Multi‐scale inversion is achieved by gradually decreasing the diffusion flux correction parameter. Numerical experiments on both two typical models and a field data example demonstrate the effectiveness of the proposed elastic full‐waveform inversion method based on the double‐cross‐shaped discrete flux‐corrected transport in generating high‐precision velocity and density models.