Euler deconvolution system is a well-known approach to estimate the depth of underground sources in potential field geophysics. Over-determined Euler linear equations are usually solved independently and separately for the gravity and magnetic data, and each result is an estimate for the depth of the potential sources. This technique is widely utilized to analyze individually the depth variations of magnetic and gravity sources. However, depth estimation of each of the mentioned potential fields may return specific and exclusive results regarding the complex nature of the subsurface structures, and the gravity and magnetic separate depth estimation solutions may be discordant in many aspects. In cases of low resolution for gravity and magnetic data sets, this study indicates that independently solved Euler depth estimation systems cannot yield reliable and accurate solutions of potential field sources. Combining the gravity and magnetic data and simultaneously solving the Euler equations for gravity and magnetic potential fields, this research presents a novel approach called the Joint Euler method with a proper capability to return more accurate and improved depth estimations for boundary and body of potential field sources. The presented method was solved and examined over homogeneous and non-homogeneous synthetic scenarios with reduced resolution, and the depth solutions were also compared with the separate approach. After obtaining the desired results from the synthetic models, the Joint Euler technique was applied to the gravity and magnetic data of the Kifl oil trap located in Iraq. The results were quite promising rather than the separate depth estimations, proving the sufficiency and applicability of the proposed potential field method in terms of interpretational aspects.