For unconventional oil and gas development,the effectiveness of hydraulic fracturing monitoring depends on the analysis and interpretation of microseismic events. Precise microseismic source location is an important element for the success or failure of construction. The accuracy of microseismic source location is related to several parameters,which depend not only on the excitation time of microseismic events,but also on the information of reservoir media parameters,so it is extremely important to perform the joint inversion of microseismic source location,source time,and reservoir media parameters. Shale gas reservoirs usually develop strong anisotropy,and VTI medium is a good approximate description of shale gas reservoirs. Therefore,in this paper we propose a joint inversion method based on the VTI medium fluctuation equation to simultaneously invert the microseismic source location,source time,and VTI medium anisotropy parameters. The numerical results show that our method is capable of obtaining high-precision information of microseismic source location,source excitation time,and VTI medium anisotropy parameters simultaneously by iterative inversion.