Elastic parameters such as Young's modulus, Poisson's ratio, and density are very important characteristic parameters that are required to properly characterise shale gas reservoir rock brittleness, evaluate gas characteristics of reservoirs, and directly interpret lithology and oil‐bearing properties. Therefore, it is significant to obtain accurate information of these elastic parameters. Conventionally, they are indirectly calculated by the rock physics method or estimated by approximate formula inversion. The cumulative errors caused by the indirect calculation and low calculation accuracy of the approximate Zoeppritz equations make accurate estimation of Young's modulus, Poisson's ratio, and density difficult in the conventional method. In this paper, based on the assumption of isotropy, we perform several substitutions to convert the Zoeppritz equations from the classical form to a new form containing the chosen elastic constants of Young's modulus, Poisson's ratio, and density. The inversion objective function is then constructed by utilising Bayesian theory. Meanwhile, the Cauchy distribution is introduced as a priori information. We then combine the idea of generalised linear inversion with an iterative reweighed least squares algorithm in order to solve the problem. Finally, we obtain the iterative updating formula of the three elastic parameters and achieve the direct inversion of these elastic parameters based on the exact Zoeppritz equations. Both synthetic and field data examples show that the new method is not only able to obtain the two elastic parameters of Young's modulus and Poisson's ratio stably and reasonably from prestack seismic data but also able to provide an accurate estimation of density information, which demonstrates the feasibility and effectiveness of the proposed method. The proposed method offers an efficient seismic method to identify a “sweet spot” within a shale gas reservoir.