Conventional joint PP and PS velocity analysis is based on ray tomography. We develop a joint PP and PS wave-equation migration-velocity-analysis method using plane-wave common-image gathers (CIGs) to produce accurate P- and S-wave velocity models. The objective function of our new method consists of three terms: The first and second terms penalize the moveout residuals computed from PP and PS plane-wave CIGs, respectively, and the third term constrains the nonzero relative depth shifts between the PP and PS migration images. The moveout of plane-wave CIGs is automatically picked using a semblance analysis method, and the relative depth shifts between the PP and PS images are automatically computed using dynamic warping or manually picking the depths of certain primary reflectors. The moveout residuals and the relative depth shifts are transformed into weighted image perturbations, and they are then projected into the velocity models to update the P- and S-wave velocity models using the scalar-wave equations and their linearized forms. Numerical tests with synthetic and multicomponent field data demonstrate that our method can simultaneously invert for accurate P- and S-wave velocity models for elastic migration.