We propose a new numerical solution to the first-order linear acoustic/elastic wave equation. This numerical solution is based on the analytic solution of the linear acoustic/elastic wave equation and uses the Lie product formula, where the time evolution operator of the analytic solution is written as a product of exponential matrices where each exponential matrix term is then approximated by Taylor series expansion. Initially, we check the proposed approach numerically and then demonstrate that it is more accurate to apply a Taylor expansion for the exponential function identity rather than the exponential function itself. The numerical solution formulated employs a recursive procedure and also incorporates the split perfectly matched layer boundary condition. Thus, our scheme can be used to extrapolate wavefields in a stable manner with even larger time-steps than traditional finite-difference schemes. This new numerical solution is examined through the comparison of the solution of full acoustic wave equation using the Chebyshev expansion approach for the matrix exponential term. Moreover, to demonstrate the efficiency and applicability of our proposed solution, seismic modelling results of three geological models are presented and the processing time for each model is compared with the computing time taking by the Chebyshev expansion method. We also present the result of seismic modelling using the scheme based in Lie product formula and Taylor series expansion for the firstorder linear elastic wave equation in vertical transversely isotropic and tilted transversely isotropic media as well. Finally, a post-stack migration results are also shown using the proposed method.