This paper is focused on inverting geophysical magnetic data due to simple shape anomalies including thin sheet and cylinder using Occam’s inversion scheme. A significant aspect of using Occam’s inversion is the choice of the regularization parameter controlling the trade-off between the data fidelity and regularization term in the cost function of optimization problem, and consequently, reliable estimation of subsurface models. Two criteria L-curve and weighted generalized cross validation (W-GCV) are considered in order to choose an optimum value of the regularization parameter. The proposed strategy was first tested on two theoretical synthetic models for each of the magnetic simple-shaped structures with different random errors, where a considerable agreement was obtained between the assumed and calculated models. The validity of the technique was also applied to one real data set from Morvarid iron-apatite deposit, in Northwest Iran. The correlation between the results derived by the proposed algorithm and corresponding known geologic features was reasonable.