The invention provides an upper continuation and lower continuation method for a multilayer equivalent source of magnetic survey data. The method comprises the steps of S1, inputting magnetic field data, and establishing a topographic relief curved surface according to topographic height information of an area where a relief observation curved surface is located; S2, determining a spatial range ofmesh generation, performing continuous structured non-uniform mesh generation, and further determining an inversion model solving space; S3, according to the magnetic inclination angle, the magneticdeclination angle and the magnetic induction intensity of the geomagnetic field, performing integral equation three-dimensional inversion calculation with a depth regularization factor, a positive value constraint term and a regularization term on the magnetic field data based on an inversion model solving space to obtain a multi-layer equivalent source model of a magnetic anomalous body; and S4,performing magnetic field forward modeling calculation based on an integral equation by utilizing the multilayer equivalent source model to obtain magnetic field data after upper continuation and/or lower continuation generated by the magnetic anomalous body. The method has the beneficial effects that the required upper continuation or lower continuation data can be adaptively, quickly, efficiently and accurately generated for the magnetic anomalous body.