A comprehensive understanding of the internal structure and construction of a geomechanical formation model play an important role in developing and using geothermal resources. Formation models help in identifying the channel and cycling modes of the heat flow. Due to urban sprawl and development, constructing a formation model of geothermal resources based on data from traditional geophysical methods is challenging. The microtremor survey method (MSM) is adopted to obtain critical information in Jimo, which is famous for rare seawater geothermal resources in China. Three microtremor survey lines are deployed to identify subsurface structures up to 2 km into the ground. Dispersion curves of Rayleigh waves with frequencies from 0.4 to 10 Hz are extracted using the spatial autocorrelation method. An empirical equation is adopted to obtain the apparent shear wave (S-wave) velocity of each survey point and to plot the apparent S-wave velocity sections. The obtained sections reveal the development of two interacting faults, which form a channel for the heat-flow cycle. Two conceptual models are established to depict the formation and cycling modes of seawater geothermal resources in Jimo, based on the results and analysis. Our model will help verify the geothermal system and scientifically guide the development of unique geothermal resources. Moreover, the developed model verifies that MSM is effective and dependable for identifying fracture zones and strata.