The aircraft magnetic field interfered the aeromagnetic precision badly , and a model compensation method is brought forward to compensating the aircraft magnetic interference. Firstly, the model of aircraft magnetic field is built based on To lles-Lawson equations, and the model calculation is analyzed. The correlation between model parameters results in the difficulty of the precisely estimation of model parameters. Consequently, an algorithm based on FIR model is studied in this paper to estimate the parameter. The simulation and analy sis shows that the parameter estimating algorithm based on FIR model is effective to high-step collinear equation, and the model compensating method compensates above 90% of aircraft magnetic interference, improving the ability of the airborne magnetic survey greatly.