The elastic full-waveform inversion (EFWI) method efficiently utilizes the amplitude, phase, and travel time information present in multi-component seismic recordings to create detailed parameter models of subsurface structures. Within full-waveform inversion (FWI), accurate source wavelet estimation significantly impacts both the convergence and final result quality. The source wavelet, serving as the initial condition for the wave equation’s forward modeling algorithm, directly influences the matching degree between observed and synthetic data. This study introduces a novel method for estimating the source wavelet utilizing cross-correlation norm elastic waveform inversion (CNEWI) and outlines the EFWI algorithm flow based on this CNEWI source wavelet inversion. The CNEWI method estimates the source wavelet by employing normalized cross-correlation processing on near-offset direct waves, thereby reducing the susceptibility to strong amplitude interference such as bad traces and surface wave residuals. The proposed CNEWI method exhibits a superior computational efficiency compared to conventional L2-norm waveform inversion for source wavelet estimation. Numerical experiments, including in ideal scenarios, with seismic data with bad traces, and with multi-component data, validate the advantages of the proposed method in both source wavelet estimation and EFWI compared to the traditional inversion method.