In order to improve the accuracy of geomagnetic vector measurements and effectively deal with the shortcomings of traditional compensation methods in dealing with the problem of time-varying magnetic interference model parameters, this paper proposes a time-varying interference oriented compensation method for geomagnetic vector measurements. The method can accurately obtain the time-varying magnetic interference parameters and compensate them during the measurement process by iteratively updating the previous parameters using Woodbury′s equation based on the latest measurement data, the previous compensation parameters and the compression matrix. The effectiveness of the proposed method is verified through simulations and experiments, especially when the magnetic interference characteristics vary greatly. The experimental results show that the total geomagnetic field intensity and the rms errors of the three components can be reduced from 4 596.3、1 310.0、5 768.9 and 3 245.7 nT to 123.34、35.93、142.12 and 100.54 nT, respectively, when using the traditional method, but it can be further reduced by our proposed method to 31.57、11.09、35.13 and 27.26 nT. This shows that compared with the traditional method, the present method not only successfully captures the dynamic changes of the time-varying magnetic interference parameters, but also significantly reduces the root-mean-square error of the total geomagnetic field strength and each component, and realises the high-precision compensation of the time-varying magnetic interference.