The evolution correlation between the North China Craton (NCC) and the Indian Shield (IND) is very important for plate reconstruction. Recently, more and more research results show that the NCC and IND had been pieced together in the Paleoproterozoic. In order to analyse the correlation between the NCC and IND, we use the latest gravity and magnetic data to study deep geophysical characteristics of the NCC and IND respectively, and we also use a two‐dimensional discrete wavelet transform method to discuss the division scheme of the basement tectonic unit in the Paleoproterozoic at the point of gravity and magnetic field. On the basis of gravity and magnetic anomalies, the NCC is divided into the Eastern Block, Western Block, and the Trans‐North China Orogen, which are further divided into the secondary tectonic zones and blocks. The IND is divided into the Southern Block, the Northern Block, and the Central Indian Tectonic Zone, and they also are further divided into secondary tectonic zones and ancient cratons. On the basis of that, according to the four Paleoproterozoic plate assemblage schemes proposed by predecessors, we compared the geophysical characteristics and the correlation through the regional gravity and magnetic anomalies between the two continents. The results show that the faults and tectonic boundaries in the Trans‐North China Orogen of the NCC correspond well to those in the Central Indian Tectonic Zone of IND. Moreover, the gravitational and magnetic anomalies in the Eastern Block of the NCC are quite similar to those in the Southern Block of IND, which shows that the NCC and IND might have been pieced together during the Paleoproterozoic. The geophysical result that verifies the correlation between the NCC and IND based on gravity and magnetic fields provides the evidence for Paleoproterozoic plate reconstruction and constrains the assembling patterns between the NCC and the IND.