The transient electromagnetic (TEM) method is a non-contact technique used to identify underground structures, commonly used in mineral resource exploration. However, the induced polarization (IP) will increase the nonlinearity of TEM inversion, and it is difficult to predict the geoelectric structure from TEM response signals in conventional gradient inversion. We select a heuristic algorithm suitable for nonlinear inversion—a whale optimization algorithm to perform TEM inversion with an IP effect. The inverse framework is optimized by opposition-based learning (OBL) and an adaptive weighted factor (AWF). OBL improves initial population distribution for better global search, while the AWF replaces random operators to balance global and local search, enhancing solution accuracy and ensuring stable convergence. Tests on layered geoelectric models demonstrate that our improved WOA effectively reconstructs geoelectric structures, extracts IP information, and performs robustly in noisy environments. Compared to other nonlinear inversion methods, our proposed approach shows superior convergence and accuracy, effectively extracting IP information from TEM signals, with an error of less than 8%.