Elastic least‐squares reverse time migration can image the multicomponent seismic recordings. However, on the one hand, without considering the intrinsic attenuation of the subsurface, it may produce blurred reflectivity images with incorrect positions of reflectors for seismic recordings with strong attenuation. On the other hand, the crosstalk artefacts created by the different wave modes may severely degrade the imaging quality. To alleviate these crosstalk artefacts and compensate for the attenuation effects, we have developed a time‐domain wavefield‐separation‐based least‐squares reverse time migration approach in viscoelastic media, which utilizes the viscoelastic wave equation on the basis of the standard linear solid model to simulate intrinsic subsurface attenuation. The key point of the proposed approach is that we utilize the separated gradient contribution of PP‐ and PS‐wave modes based on the wavefield separation technique in viscoelastic media to construct the P‐wave and S‐wave velocity images, respectively. Unlike the conventional wavefield‐separation‐based least‐squares reverse time migration approach, which generally uses the new stress–velocity equations to formulate, our proposed wavefield separation scheme fully depends on the conventional viscoelastic wave equation and its adjoint wave equation. By introducing the pure P‐wave stress in the forward and adjoint wavefields, the coupled wavefields can be well decomposed, which requires much less computational costs than the wavenumber‐domain wavefield separation scheme. Numerical examples using the layered and Marmousi‐2 models have shown that the proposed approach can improve the migration image quality under geological conditions with strong attenuation where elastic least‐squares reverse time migration may produce blurred and unfocused events. Meanwhile, the proposed least‐squares reverse time migration approach with the wavefield separation scheme has a better convergence rate and produces fewer crosstalk artefacts than that without the wavefield separation scheme.