We have developed a numerical scheme for the second‐order acoustic wave equation based on the Lie product formula and Taylor‐series expansion. The scheme has been derived from the analytical solution of the wave equation and in the approximation of the time derivative for a wavefield. Through these two equations, we obtained the first‐order differential equation in time, where the time evolution operator of the analytic solution of this differential equation is written as a product of exponential matrices. The new numerical solution using a Lie product formula may be combined with Taylor‐series, Chebyshev, Hermite and Legendre polynomial expansion or any other expansion for the cosine function. We use the proposed scheme combined with the second‐ or fourth‐order Taylor approximations to propagate the wavefields in a recursive procedure, in a stable manner, accurately and efficiently with even larger time steps than the conventional finite‐difference method. Moreover, our numerical scheme has provided results with the same quality as the rapid expansion method but requiring fewer computations of the Laplacian operator per time step. The numerical results have shown that the proposed scheme is efficient and accurate in seismic modelling, reverse time migration and least‐squares reverse time migration.