The Jizhong depression contains several geothermal reservoirs that are characterized by localized low-velocity anomalies. In this article, full-waveform inversion (FWI) is used to characterize these anomalies and determine their extent. This is a challenging problem because the reservoirs are quite small and the available data have usable frequencies only down to 5 Hz. An accurate-enough starting model is carefully built by using an iterative travel time tomography method combined with a cycle-skipping assessment method to begin the inversion at 5 Hz. A multiscale Laplace–Fourier-domain FWI with a layer-stripping approach is implemented on the starting model by gradually increasing the maximum offset. The result of overlapping the recovered velocity model on the migrated seismic profile shows a good correlation between the two results. The recovered model is assessed by ray tracing, synthetic seismogram modeling, checkerboard testing and comparisons with nearby borehole data. These tests indicate that low-velocity anomalies down to a size of 0.3 km × 0.3 km at a maximum depth of 2 km can be recovered. Combined with the well log data, the resulting velocity model allows us to delineate two potential geothermal resources, one of which was previously unknown.