Although artificially generated seismic sources such as dynamite, vibroseis, and air guns are used in seismic exploration, it is not easy to exactly recover the source wavelet in field recording or in data processing. For this reason, seismic data processing often assumes that an explosive-source wavelet can be described by a well-known function (e.g., a Ricker wavelet), a near-offset trace, or a deconvolved wavelet. In frequency-domain waveform inversion, it has been proven that a source wavelet can be estimated by an optimization method, and incorporating the source wavelet estimation into an inversion algorithm yields better inversion results. We introduce source wavelet estimation into 2D two-way frequency-domain reverse-time migration. The source wavelet is first estimated independently of reverse-time migration by an optimization method such as the full Newton method. It is then used in reverse-time migration. This source-wavelet-incorporated reverse-time migration algorithm is applied to three model data sets: a simple anticline model, the Institut Français du Petrole (IFP) Marmousi model, and the BP 2004 EAGE model. Numerical examples show that better migration images can be obtained by using an estimated source wavelet than those obtained by using a designatured wavelet without source estimation. To enhance the migrated images, the Laplacian filter is applied and migrated images are scaled using the diagonal of the pseudo-Hessian matrix. It is expected that the source wavelet estimation method can be directly applied to 2D or 3D time-domain two-way reverse-time migration.