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We present the theory and numerical results for multi-source least-squares migration (MLSM) using the two-way wave equation. Numerical tests show that MLSM can suppress migration artifacts in the migration image and remove most of the crosstalk noise from multi-source data. Empirical results suggest that MLSM provides a 100 times increase in computational efficiency compared to standard RTM for the Marmousi2 model. This is partly achieved by the critial use of the multi-source deblurring filter. Even though it takes 15 iterations for MLSM to converge, we produce an image comparable to standard RTM image with only about one fourth the computation time.