The invention belongs to the technical field of uranium mineralization prediction, and particularly relates to a method for identifying and positioning an ancient riverway under basalt coverage. The method comprises the steps of 1, finding out spatial and temporal distribution characteristics of basalt on the ground surface and determining a possible distribution direction of the ancient riverway,wherein the step includes the sub-steps of 1.1, finding out spatial and temporal distribution characteristics of basalt on the ground surface, and 1.2, determining the possible distribution directionof the ancient riverway under basalt coverage; 2, determining an ancient riverway distribution pre-selection area, wherein the step includes the sub-steps of 2.1, finding out a structure, a vegetation zone and a water system zone of a basalt coverage area, and 2.2, determining an ancient riverway distribution pre-selection area; 3, identifying and positioning the ancient riverway covered by basalt, wherein the step includes the sub-steps of 3.1, collecting aviation transient electromagnetic data, 3.2, identifying and positioning the ancient riverway covered by basalt, 3.3, determining the horizon in which the ancient riverway is developed, and 3.4, finding out the scale of the ancient riverway; and 4, drilling to verify the ancient riverway.