This paper provides an overview of ultra-wideband (UWB) in the context of ranging applications and assesses the precision and accuracy of UWB ranging from both a theoretical perspective and a practical perspective using real data. The paper begins with a brief history of UWB technology and the most current definition of what constitutes an UWB signal. The potential precision of UWB ranging is assessed using Cramer–Rao lower bound analysis. UWB ranging methods are described and potential error sources are discussed. Two types of commercially available UWB ranging radios are introduced which are used in testing. Actual ranging accuracy is assessed from line-of-sight testing under benign signal conditions by comparison to high-accuracy electronic distance measurements and to ranges derived from GPS real-time kinematic positioning. Range measurements obtained in outdoor testing with line-of-sight obstructions and strong reflection sources are compared to ranges derived from classically surveyed positions. The paper concludes with a discussion of the potential applications for UWB ranging.