The TEM instruments have provided a hardware foundation for three-component TEM interpretation; nevertheless, the practical interpretation technology is still confined to the vertical component or simple approximation techniques. To make full use of the three-component data and improve the resolution of the fixed source TEM, this paper put forwards the three component full domain apparent resistivity definition and one-dimensional three-component joint inversion method. For the full domain apparent resistivity definition, the authors use the iterative method to calculate the inverse function value instead of directly calculating the inverse function. The authors introduce the three-component weights of TEM data to build the joint objective function, and use the feasible region method to implement three-component joint inversion. Finally, the three-component interpretation algorithm is applied to the model calculation and the actual exploration data of the metallic mine to verify its effectiveness. Model test and actual data processing results show that the three-component interpretation method can use more TEM data and obtain processing results with higher resolution, thus achieving a fast calculation speed.