The traditional electromagnetic wave wireless communication in the underground environment has the problem of unstable channel path loss, large antenna size, high path loss, etc. To address these issues, the channel models of magnetic induction communication and magnetic induction waveguide communication based on quasi-static field coupling are proposed, and the characteristics of magnetic field strength, path loss, bandwidth, and channel capacity are analyzed in detail. The results show that the magnetic induction communication system channel is stable, compared with the ordinary induction communication, and the path loss of magnetic induction waveguide communication is reduced a lot, even in the case of high noise and transmission distance increased by more than 20 times. But the bandwidths of the two ways are small and similar. The path loss and bandwidth decide the system capacity, and system capacity is also affected by the number of turns, working frequency, coil resistance, and size.