The invention discloses an SQUID-based magnetic source induced polarization-induction combined detection system and method. The system comprises an emission unit and a reception unit. The emission unit is formed by a high-power transmitter, a non-inductive resistor, a current acquisition card and an emission loop, wherein the high-power transmitter and the non-inductive resistor are connected in series with the emission loop; the high-power transmitter, the non-inductive resistor and the emission loop form a closed loop; and the current acquisition card is connected in parallel at the two ends of the non-inductive resistor, and is used for collecting emission current in the emission loop. The reception unit is formed by a low-temperature SQUID sensor and a receiver. The method comprises the following steps: 1) paving the emission loop; 2) connecting the non-inductive resistor in series in the emission loop; 3) carrying out emission unit and reception unit synchronous transmission; 4) removing a primary field; and 5) carrying out resistivity-depth imaging. The beneficial effects are that the system meets the characteristics of fast signal attenuation and large bandwidth in the early stage, and also meets the characteristic of large efficient signal dynamic range (>140 dB).