In this article, we demonstrate that source spectra for regional seismic waves generated by an underground explosion may be uniquely extracted using a simple linear regression method between the geometrical spreading corrected displacement spectra and epicentral distances as long as the recording stations are well distributed in distances. Using this method, source spectra of Pg and Lg waves from North Korean nuclear tests conducted between 2009 and 2017 are estimated, respectively, and are compared to test the conjecture of Fisk (2006) as well as to determine the relative size between the seismic moment of Lg waves and that of compressional waves. For a specified explosion, the resultant Pg and Lg source spectra approximately have equal low‐frequency source level. Based on this result, it is estimated that for the explosions seismic moment of Lg waves would be about 35% of that of compressional waves. In addition, it is shown the Fisk conjecture approximately stands, as for a specified explosion the observed Pg and Lg source spectra share the same manner of high‐frequency rolloff as , the source corner frequency of Lg waves is smaller than that of Pg waves by a factor of about , and the Pg source spectrum exhibits a prominent overshoot, whereas it is not obvious in corresponding Lg source spectrum. The new method for source spectra estimation may have a promising application prospect in monitoring studies. As an example, it is shown that the yield and even buried depths of the North Korean nuclear explosions may be reasonably estimated by fitting the observed Pg source spectra using an MM71‐ (Mueller and Murphy, 1971) and DJ91 (Denny and Johnson, 1991)‐based hybrid source model suggested by Ford and Walter (2013).