Abstract: P-SV converted wave exploration is an effective seismic exploration technology. Based on the assumption of surface consistency, the surface is assumed to be flat in the process of P-SV Normal Move-Out (NMO). However, with the development of seismic exploration into complex areas, the problem of large surface relief and high-speed exposure of old strata make the seismic data difficult to meet the assumption of surface consistency. Therefore, the current P-SV converted wave NMO method based on surface consistency cannot work on the P-SV converted wave, which affects the accuracy of converted wave exploration. In this paper, based on the kinematic characteristics of converted waves, the P-SV converted wave NMO equation and the converted wave NMO method under the undulating surface are established. The new method is tested by the theoretical model simulation. The results show that the new NMO equation can achieve better NMO effect, which provides an effective method and technology for P-SV converted wave velocity analysis.