In this paper, we improved the performance of the contrast source inversion (CSI) method by incorporating a so-called cross-correlated cost functional, which interrelates the state error and the data error in the measurement domain. The proposed method is referred to as the cross-correlated CSI. It enables better robustness and higher inversion accuracy than both the classical CSI and multiplicative regularized CSI (MR-CSI). In addition, we show how the gradient of the modified cost functional can be calculated without significantly increasing the computational burden. The advantages of the proposed algorithms are demonstrated using a 2-D benchmark problem excited by a transverse magnetic wave as well as a transverse electric wave, respectively, in comparison to classical CSI and MR-CSI.