Three-term amplitude-variation with offset (AVO) inversion generally suffers from instability when there is limited prior geologic or petrophysical constraints. Two-term AVO inversion shows higher instability compared with three-term AVO inversion. However, density, which is important in the fluid-type estimation, cannot be recovered from two-term AVO inversion. To reliably predict the P- and S-waves and density, we have developed a robust two-step joint PP- and PS-wave three-term AVO-inversion method. Our inversion workflow consists of two steps. The first step is to estimate the P- and S-wave reﬂectivities using Stewart’s joint two-term PP- and PS-AVO inversion. The second step is to treat the P-wave reflectivity obtained from the first step as the prior constraint to remove the P-wave velocity related-term from the three-term Aki-Richards PP-wave approximated reflection coefficient equation, and then the reduced PP-wave reflection coefficient equation is combined with the PS-wave reflection coefficient equation to estimate the S-wave and density reﬂectivities. We determined the effectiveness of our method by first applying it to synthetic models and then to field data. We also analyzed the condition number of the coefficient matrix to illustrate the stability of the proposed method. The estimated results using proposed method are superior to those obtained from three-term AVO inversion.