By combining the advantages of the Chan algorithm and Taylor series algorithm, the paper proposes one kind of localization method which based on the Chan algoridim of choosing initial values and Taylor series expansion method of precision iteration. The algorithm combines the advantages of the Chan algorithm good performance in estimation and Taylor series algorithm high speed of convergence in iteration. The simulation results show that if the parameters are assumed reasonably, the hybrid algorithm has higher stability, the RMSE reduced by 64m compare with the localization result of Chan algorithm when the time measurement accuracy is 10 us.