In this paper, we combine active and passive source P wave seismic data to tomographically image the magmatic system beneath Newberry Volcano, located east of the Cascade arc. By using both travel times from local active sources and delay times from teleseismic earthquakes recorded on closely spaced seismometers (300–800 m), we significantly improve recovery of upper crustal velocity structure (<10 km depth). The tomographic model reveals a low‐velocity feature between 3 and 5 km depth that lies beneath the caldera, consistent with a magma body. In contrast to earlier tomographic studies, where elevated temperatures were sufficient to explain the recovered low velocities, the larger amplitude low‐velocity anomalies in our joint tomography model require low degrees of partial melt (∼10%), and a minimum melt volume of ∼2.5 km3. Furthermore, synthetic tests suggest that even greater magnitude low‐velocity anomalies, and by inference larger volumes of magma (up to 8 km3), are needed to explain the observed waveform variability. The lateral extent and shape of the inferred magma body indicates that the extensional tectonic regime at Newberry influences the emplacement of magmatic intrusions. Our study shows that jointly inverting active source and passive source seismic data improves tomographic imaging of the shallow crustal seismic structure of volcanic systems and that active source experiments would benefit from longer deployment times to also record teleseismic sources.