The transient electromagnetic method (TEM) for boreholes uses fixed source loops to launch at excavation faces, and is able to realize the mobile reception of secondary fields in the boreholes and detections of low-resistance hazards. This method is known as high detection accuracy, due to the fact that the receiving points are close to the anomalies. However, the interpretation method for this device has not yet been perfected. The present study's goal was to realize the interpretations of boreholes TEM based on inverse transform algorithms of the TEM wave-fields and full waveform inversions. It was found that under the conditions of transient electromagnetic virtual wave-fields, the characteristics of the virtual wave-field time-distance curves of the two-dimensional device could be examined, and a corresponding dynamic correction algorithm was successfully obtained. The wave-field velocities were analyzed using an equivalent conductive plane method. Additionally, the pseudo-seismic inversions of the tunnel-borehole TEM data were realized using full waveform inversion technology. Then, the inversion results of the three-dimensional numerical simulations, flume physical simulations, and downhole field simulations were calculated. It was observed that good imaging results had been obtained for small-scale borehole radial anomalies. Finally, the proposed method was applied to the engineering practices in an underground coal mine in Shanxi Province. The practicability and effectiveness of the proposed method in the fine detection of the properties, forms, and scale of water-logged goaf roadways were successfully tested in the field. The research results indicated that the roadway-borehole transient electromagnetic detection method was complementary to the underground geophysical exploration and drilling, and could be effectively applied in the detection of water-logged goaf roadways.