Identification of intraterrane dislocation zones and associated mineralized bodies is of immense importance in exploration geophysics. Understanding such structures from geophysical anomalies is challenging and cumbersome. In the present study, we present a fast and competent algorithm for interpreting magnetic anomalies from such dislocation and mineralized zones. Such dislocation and mineralized zones are well explained from 2D fault and sheet-type structures. The different parameters from 2D fault and sheet-type structures such as the intensity of magnetization (k), depth to the top (z1), depth to the bottom (z2), origin location (x0), and dip angle (θ) of the fault and sheet from magnetic anomalies are interpreted. The interpretation suggests that there is uncertainty in defining the model parameters z1 and z2 for the 2D inclined fault; k, z1, and z2 for the 2D vertical fault and finite sheet-type structure; and k and z for the infinite sheet-type structure. Here, it shows a wide range of solutions depicting an equivalent model with smaller misfits. However, the final interpreted mean model is close to the actual model with the least uncertainty. Histograms and crossplots for 2D fault and sheet-type structures also reveal the same. The present algorithm is demonstrated with four theoretical models, including the effect of noises. Furthermore, the investigation of magnetic data was also applied from three field examples from intraterrane dislocation zones (Australia), deep-seated dislocation zones (India) as a 2D fault plane, and mineralized zones (Canada) as sheet-type structures. The final estimated model parameters are in good agreement with the earlier methods applied for these field examples with a priori information wherever available in the literature. However, the present method can simultaneously interpret all model parameters without a priori information.