With the depletion of near surface resources in mines, deep underground space has become a key area for exploration work. At present, conventional surface geophysical methods cannot meet the requirements of both depth and accuracy for deep mining exploration. Therefore, moving high-precision geophysical methods to the well for geophysical exploration is an important means to solve this problem. This article discusses the feasibility of implementing equivalent anti magnetic flux transient electromagnetic method in wells through theoretical and physical experiments. Firstly, the measurement method of equivalent anti magnetic flux transient electromagnetic method in wells was introduced, and the physical principle of this method was analyzed. The theoretical calculation formula of this method in a full space environment was derived, and the response signal during the measurement process of this method was analyzed. Then, the feasibility of this method in measuring the full space environment of the well was further verified through physical experiments, and the response signal was analyzed. Finally, the effectiveness of this method is analyzed through a case study of well exploration work in a mining area in Gejiu City, Yunnan Province. By comparing the geophysical results with known geological data, it is shown that this method can effectively detect the location and spatial distribution of geological anomalies such as ore bodies and structures when applied in wells.