To improve the inversion accuracy of time-domain airborne electromagnetic data, we propose a parallel 3D inversion algorithm for airborne EM data based on the direct Gauss-Newton optimization. Forward modeling is performed in the frequency domain based on the scattered secondary electrical field. Then, the inverse Fourier transform and convolution of the transmitting waveform are used to calculate the EM responses and the sensitivity matrix in the time domain for arbitrary transmitting waves. To optimize the computational time and memory requirements, we use the EM "footprint" concept to reduce the model size and obtain the sparse sensitivity matrix. To improve the 3D inversion, we use the OpenMP library and parallel computing. We test the proposed 3D parallel inversion code using two synthetic datasets and a field dataset. The time-domain airborne EM inversion results suggest that the proposed algorithm is effective, efficient, and practical.