A new method has been developed for the automatic and general interpretation of gravity and magnetic data. This technique, based on the analysis of 3-D analytic signal derivatives, involves as few assumptions as possible on the magnetization or density properties and on the geometry of the structures. It is therefore particularly well suited to preliminary interpretation and model initialization. Processing the derivatives of the analytic signal amplitude, instead of the original analytic signal amplitude, gives a more efficient separation of anomalies caused by close structures. Moreover, gravity and magnetic data can be taken into account by the same procedure merely through using the gravity vertical gradient. The main advantage of derivatives, however, is that any source geometry can be considered as the sum of only two types of model: contact and thin‐dike models. In a first step, depths are estimated using a double interpretation of the analytic signal amplitude function for these two basic models. Second, the most suitable solution is defined at each estimation location through analysis of the vertical and horizontal gradients. Practical implementation of the method involves accurate frequency‐domain algorithms for computing derivatives with an automatic control of noise effects by appropriate filtering and upward continuation operations. Tests on theoretical magnetic fields give good depth evaluations for derivative orders ranging from 0 to 3. For actual magnetic data with borehole controls, the first and second derivatives seem to provide the most satisfactory depth estimations.