We propose a new algorithm for two-dimensional magnetotelluric (MT) inversion. Our algorithm is an MT inversion based on the steepest descent method, borrowed from the backpropagation technique of seismic inversion or reverse time migration, introduced in the middle 1980s by Lailly and Tarantola. The steepest descent direction can be calculated efficiently by using the symmetry of numerical Green’s function derived from a mixed finite element method proposed by Nédélec for Maxwell’s equation, without calculating the Jacobian matrix explicitly. We construct three different objective functions by taking the logarithm of the complex apparent resistivity as introduced in the recent waveform inversion algorithm by Shin and Min. These objective functions can be naturally separated into amplitude inversion, phase inversion and simultaneous inversion. We demonstrate our algorithm by showing three inversion results for synthetic data.