The pulsed eddy current testing is a new development field of eddy current testing technology.The working principle of InSb magnetoresistor which is used as the eddy current testing sensor is analyzed.The method of evaluating character of flaw signals by using the eddy current probe with InSb magnetoresistor is put forward.The acquisition data are firstly processed by synchronous accumulating average method.Polynomial fitting and wavelet transform are secondly used in noise reduction and curve smooth.And it is concluded that the character of flaw signals is better extracted through wavelet transform method.The testing results show that crack-sensitivity is better and crack-depth testing is satisfactory by using InSb magnetoresistor as the pulsed eddy current testing sensor.