Transient electromagnetic method (TEM) is regarded as an everlasting issue for geological exploration. It is widely used in many research fields, such as mineral exploration, hydrogeology survey, engineering exploration and unexploded ordnance detection. The traditional measurement systems are often based on ARM、DSP or FPGA, which have not real-time display, data preprocessing and data playback functions. In order to overcome the defects, a real-time data acquisition and preprocessing system based on LabVIEW virtual instrument development platform is proposed in the paper, moreover, a calibration model is established for TEM system based on a conductivity loop. The test results demonstrated that the system can complete real-time data acquisition and system calibration. For Transmit-Loop-Receive (TLR) response, the correlation coefficient between the measured results and the calculated results is 0.987. The measured results are basically consistent with the calculated results. Through the late inversion process for TLR, the signal of underground conductor was obtained. In the complex test environment, abnormal values usually exist in the measured data. In order to solve this problem, the judgment and revision algorithm of abnormal values is proposed in the paper. The test results proved that the proposed algorithm can effectively eliminate serious disturbance signals from the measured transient electromagnetic data.