Electrostatic discharge is harmful to electronic products because of its high voltage, strong electric field, instantaneous large current and broadband electromagnetic radiation, especially air electrostatic discharge is more common and harmful. In this paper, the Rompe-Weizel SPICE model describing nonlinear arc air-discharge, the 3D full-wave model and the IBIS model describing chip operation are combined to establish the field-circuit co-simulation model of the intelligent display terminal under air discharge. The discharge current, electromagnetic field distribution and signal transmission under air electrostatic discharge event are monitored through the discharge process. The simulation results show that the longer discharge arc length leads to the smaller current peak and the longer rise time. Under the influence of air discharge, the interference is different at different terminals of the signal transmission line, and the influence is mainly concentrated in the first 2 ns. And it is not that the stronger the electromagnetic field radiation is, the greater the interference is. Field-circuit co-simulation provides a more realistic simulation method for air discharge research in complex electronic products, and provides theoretical guidance for reducing electrostatic interference in the design and manufacture of electronic products.