In this paper, we discussed the reverse time migration imaging of compressional wave (P-wave) and horizontally polarized shear wave (SH shear wave) seismic data, together with P- and SH shear wave constrained velocity model building. In the Sanhu area in Qaidam Basin, there are large areas of gas clouds, which leads to poor P-wave seismic imaging. The P and SH shear wave seismic data of a co-located survey line with the same acquisition geometry were used to access their imaging capability using reverse time migration. We first estimated the change in P-wave and SH shear wave velocity ratio using pre-stack time migration (PSTM) for constraining the overall depth domain velocity model. Additionally, we then used an eighth-order finite difference scheme for P-wave reverse time migration on a variable grid and used the sixth-order combined compact difference (CCD) wave field simulation method for SH shear wave reverse time migration on a regular grid. The results show that the constrained velocity model produces a good match in the overall geological structure shown in the P-wave and SH shear wave reverse time migration results. However, in the gas cloud areas, SH shear wave reverse time migration has obvious imaging advantages, which can clearly image the structure inside the gas clouds.