Abstract: The large fixed-source loop is a commonly used device in the transient electromagnetic method (TEM). However, moving its transmitter requires a lot of manpower and time, greatly reducing the efficiency of the method. The electrical source TEM enjoys the advantages of large detection depth, less terrain restriction, and high efficiency. However, its signal intensity severely attenuated and it has a low signal-to-noise ratio in the case of a large offset, which limit its detection precision to a certain extent. To achieve high-precise geological exploration, this study built a forward model using the multi-excitation source TEM. With the detection of a water-bearing goaf of the Weijiadi coal mine in Gansu Province as a case study, this study compared the exploration performance of the multi-excitation source TEM with that of the conventional large fixed-source loop and the single-excitation source TEM. As verified by drilling, the multi-excitation source TEM can deliver better exploration performance in the study area. The results of this study can provide technical support and a reference for goaf detection in adjacent and similar areas.