This paper is focused on the inverse problem of identifying the space-dependent source function and initial value of the time fractional nonhomogeneous diffusion-wave equation from noisy final time measured data in a multi-dimensional case. A mollification regularization method based on a bilateral exponential kernel is presented to solve the ill-posedness of the problem for the first time. Error estimates are obtained with an a priori strategy and an a posteriori choice rule to find the regularization parameter. Numerical experiments of interest show that our proposed method is effective and robust with respect to the perturbation noise in the data.