The magnetoelectric resistivity (MMR) method is a type of electromagnetic exploration method popular in China in recent years. It enjoys technical advantages in detecting long highly conductive geological bodies such as underground seepages. However, it is yet to be widely applied since it suffers poor anti-interference ability and is liable to be affected by external noises. In recent years, the pseudo-random signal technology has been widely used in the field of geophysical exploration. It allows noises to be reduced through the convolution operation of impulse and step responses, thus greatly improving the anti-interference ability. Based on the exploration principle of the magnetoelectric resistivity method and the principle of the pseudo-random identification system, this paper proposes the method of applying the pseudo-random signal technology to the magnetoelectric resistivity method to improve the anti-interference ability of the latter. Meanwhile, it analyzes the anti-interference effects through leakage model-based experiments, which have verified the feasibility of the proposed method. As indicated by the experimental results, the proposed method has remarkable noise reduction ability and can roughly eliminate the interference of external magnetic fields. Meanwhile, the relative errors at peaks above the leakage channel were less than 3%, indicating extremely strong anti-interference ability. This study lays a basis for the future development of related detection instruments.