Each sample in a seismic trace has its unique converted point location, which implies that the converted wave velocity analysis can not be done by using fixed seismic gather, and that the common conversion point (CCP) gathers should be changed accordingly when the velocity ratio and conversion point depth are changed. In this paper the authors present a method of non-iterative converted wave stacking velocity analysis using true CCP gathers, which introduces a dynamic trace gathering technique that takes both depth and scanning velocity ratio variations into account. The processing result of seismogram and real multi-component seismic data show that the method is practical and effective.