Tomographic inversion of seismic traveltime residuals is now an established and widely used technique for imaging the Earth’s interior. This inversion procedure results in large, but sparse, rectangular systems of linear algebraic equations; in practice there may be tens or even hundreds of thousands of simultaneous equations. This paper applies the classic conjugate gradient algorithm of Hestenes and Stiefel to the least‐squares solution of large, sparse systems of traveltime equations. The conjugate gradient method is fast, accurate, and easily adapted to take advantage of the sparsity of the matrix. The techniques necessary for manipulating sparse matrices are outlined in the Appendix. In addition, the results of the conjugate gradient algorithm are compared to results from two of the more widely used tomographic inversion algorithms.