An approximation for the one-way wave operator takes the form of separated space and wave-number variables and makes it possible to use the FFT, which results in a great improvement in the computational efficiency. From the function approximation perspective, the OSA method shares the same separable approximation format to the one-way wave operator as other separable approximation methods but it is the only global function approximation among these methods. This leads to a difference in the phase error curve, impulse response, and migration result from other separable approximation methods. The difference is that the OSA method has higher accuracy, and the sensitivity to the velocity variation declines with increasing order.