In this paper, we proposed a punctuated target identification method for underground homogeneous medium based on dielectric constant inversion algorithm. Its main idea is that, initially, Hough transform is used to locate the target characterized by hyperbola in a radar profile map, then a layer-by-layer waveform inversion algorithm is used to invert the dielectric constant on the location where the target lies. To guarantee the correctness of inversion, the transmission beam method is adopted to obtain initial parameters and calibration factors required by inversion. Through numerical analysis of the dielectric constant of the target, the classification of multiple targets in an underground medium can be confirmed. This method not only overcomes the failure of the traditional phase-comparison method to distinguish different kinds of targets in the same region, but also overcomes the limitation of the image processing method, in which it only classifies the target in a coarse-grained manner. Experimental results show that this method has many advantages, such as fine-grained classification, high precision, and multiple target identification, in the identification of underground targets.