Traveltime parameters define the coefficients of the Taylor series for traveltime or traveltime squared as a function of offset. These parameters provide an efficient tool for analyzing the effect of the medium parameters for short- and long-offset reflection moveouts. We derive the exact equations for one-way and two-way traveltime parameters in a homogeneous transversely isotropic medium with the tilted symmetry axis (TTI). It is shown that most of the one-way traveltime parameters in TTI differ from the two-way traveltime parameters, and we observe strong dependence of all traveltime parameters on tilt. The equations for traveltime parameters are extended to a vertically heterogeneous TTI medium, and weak-anisotropy and weak-anellipticity approximations are considered. We also apply the exact and approximate equations to invert the traveltime parameters into the model parameters for different acquisition setups. Using the traveltime parameters in a weak-anisotropy approximation, our tests show that an analytical inversion is not applicable, whereas the numerical inversion with exact equations yields a good accuracy for strongly anisotropic models.