A temporary profile from Shiquan in the southern part of Shaanxi Province to Ningxian in Gansu Province for observation of geomagnetic short period variations was set up. The characteristics of geomagnetic short period variations in the profile region was analyzed through geomagnetic transfer functions at measurement sites (Fan, et al, 1998). According to the theory of multi-scale analysis of wavelet transform, the components affected by regional origin in the region is extracted in this paper. The components of regional origin is used as original data in the inversion study for investigation of 2-D conductivity structure corresponding to the regional origin. The inversion method (Zhdanov, Traynin, 1997) which is based on the minimum of the total energy of the residual field between observational electro-magnetic field and the calculated theoretical field of conductivity model and the conception of migrated residual field is introduced into our inversion of the data of magneto-variation sounding. The result of the inversion gives the underground conductivity structure in depth range of 100 km beneath the profile, and shows that a high conductivity area is located under Wugong and Qianling. The main characteristics of the inversion method is briefly discussed, that is, it can reflect the depth and the distribution of anomalous conductivity area comparatively well, and large number of parameters of inversion model is allowed to be used in the Inversion. A temporary profile from Shiquan in the southern part of Shaanxi Province to Ningxian in Gansu Province for observation of geomagnetic short period variations was set up. The characteristics of geomagnetic short period variations in the profile region was been analyzed through geomagnetic transfer functions at measurement sites (Fan , et al, 1998). According to the theory of multi-scale analysis of wavelet transform, the components affected by regional origin in the region are extracted in this paper. The components of regional origin is used as original data in the inversion study for Investigation of 2-D conductivity structure corresponding to the regional origin. The inversion method (Zhdanov, Traynin, 1997) which is based on the minimum of the total energy of the residual field between observational electro-magnetic field and the calculated theoretical field of conductivity model and the conception of migrated residual field is introduced into our inversion of the data of magneto-variatio The result of the inversion gives the underground conductivity structure in depth range of 100 km beneath the profile, and shows that a high conductivity area is located under Wugong and Qianling. The main characteristics of the inversion method are briefly discussed, that is , it can reflect the depth and the distribution of anomalous conductivity area comparatively well, and large number of parameters of inversion model is allowed to be used in the Inversion.