The transient electromagnetic (TEM) responses measured in areas with highly polarizable media commonly show induced polarization (IP) effects, which poses difficulties to the TEM data interpretation and inversion with conventional methods. When present, the IP effects break the monotony in TEM decay curves and can even cause sign reversals, and lead to the singularity and non-monotony of inversion method. It is therefore important to take the IP effects into account when processing those TEM data. In this paper, a new inversion method is developed to invert TEM data with IP effects. The Cole-Cole model was introduced to the forward modeling solver so that the IP effects can be accurately calculated. The regularization terms were adapted to the objective function and a global optimization method, the particle swarm optimization algorithm, was used to solve the optimization problem, which weakened the singularity and non-monotony of the inversion greatly. Field data were collected in Wulong gold mine where IP effects were detected. The data were inverted using the method developed in this paper, and the inversion results were able to identify the depth extension of NO. 163 ore-bearing quartz veins and their associated fine-grained diorite veins. The global inversion method in this paper primarily solved the inversion problem of IP-affected TEM responses, and recovered the polarization parameters, which can be used as an aid to the geological interpretation.