We have derived a broadband sensitivity kernel that relates the residual moveout (RMO) in prestack depth migration (PSDM) to velocity perturbations in the migration-velocity model. We have compared the kernel with the RMO directly measured from the migration image. The consistency between the sensitivity kernel and the measured sensitivity map validates the theory and the numerical implementation. Based on this broadband sensitivity kernel, we propose a new tomography method for migration-velocity analysis and updating — specifically, for the shot-record PSDM and shot-index common-image gather. As a result, time-consuming angle-domain analysis is not required. We use a fast one-way propagator and multiple forward scattering and single backscattering approximations to calculate the sensitivity kernel. Using synthetic data sets, we can successfully invert velocity perturbations from the migration RMO. This wave-equation-based method naturally incorporates the wave phenomena and is best teamed with the wave-equation migration method for velocity analysis. In addition, the new method maintains the simplicity of the ray-based velocity analysis method, with the more accurate sensitivity kernels replacing the rays.