Aiming at the big error of the existing dual-aircraft cooperative locating algorithm caused by only based on the angle information, a high precision dual-aircraft cooperative locating algorithm based on the angle and distance information is proposed. The algorithm makes full use of the existing navigation sensors in the aircraft, adopting the coarse and precision two-stage positioning model. The coarse positioning uses the traditional geometric analysis method to acquire the initial value, and the precision positioning uses the nonlinear iterative optimization method to obtain the optimal solution of the target location. Carry out simulation verifications. Simulation results show that dual-aircraft cooperative locating algorithm based on the angle and distance measurement information can achieve higher precision.