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Skywave refers to the electromagnetic wave reflected or refracted from the ionosphere and propagated in the form of a guided wave between the ionosphere and the Earth's surface. Since the skywave can propagate over large distances, it has been widely used in long-distance communication. This paper explores and demonstrates the feasibility of skywave for deep resource and energy exploration at depths of up to 10 km. Theoretical and technical advancements were accomplished in furthering skywave applications. A new solution method based on Green's function has been developed to study skywave propagation in a fully coupled lithosphere-air-ionosphere full space model. For the first time, the model allows one to study skywave distribution characteristics in the lithosphere containing inhomogeneity such as ore deposits or oil and gas reservoirs. This model also lays a foundation for skywave data processing and interpretation. On a parallel line, we have developed a multi-channel, broadband, low-noise, portable data acquisition system suitable for receiving skywave signals. Using the skywave field excited by a high-power fixed source located in central China, actual field surveys have been carried out in some areas in China including the Biyang depression of Henan Province. The initial results appear encouraging—the interpreted resistivity models prove to be consistent with those of seismic exploration and known geological information, and the exploration cost is only ∼1/4 to 1/10 that of seismic surveys. These initial successful applications of the skywave theory lay a solid foundation for further verification of the new method., This paper explores and demonstrates the feasibility of skywave for deep resource and energy exploration at depths of up to 10 km. Advancements were accomplished in furthering skywave applications.