This paper presents the results of 2D mathematical modeling of induced polarization (IP) in the cases of profiling and electrical tomography for piecewise homogeneous media containing ore bodies with different structures, sizes, depths, relaxation times, chargeability, and electrical resistivity. The standard and spectral approaches to data analysis are compared. The cases where analysis of transient IP characteristics yields new information of practical importance are considered. The main features of transient IP characteristics in 2D inhomogeneous media are determined from the modeling results. Analysis of transient IP characteristics is found to yield the best results when the depth of occurrence of polarizable bodies is minimal and their electrical conductivity is an order of magnitude lower than that of the host tock.