Many mineral deposits have low resistivity. This property makes the electromagnetic (EM) method a very useful tool for mineral exploration. In the past few decades, the application of EM exploration technologies has been reviewed by many researchers. However, most reviews focused on EM exploration methods, the development of equipment, or their applications. Three-dimensional forward modeling and inversions are high-accuracy EM interpretation techniques in which great progress has been made in recent years in mineral exploration. We review the development of EM technology for mineral exploration with a focus on 3D EM forward modeling, inversion technology, and its applications. We first briefly introduce the EM methods for mineral exploration. Next, we give a comprehensive review of 3D EM forward modeling, inversion, and data interpretation, with special attention paid to the development of EM theory and applications in mineral exploration. We hope this review can promote the application of 3D EM numerical simulation and inversion in mineral exploration.