In view of the error range caused by the uncertainty of the wave velocity and the influence of conductor sag, a traveling wave fault location method of double terminal based on fault distance and time difference is proposed. The device of traveling wave signal detection at ends of the line is installed and the first wave’s head is recorded. According to the linear relationship of the fault distance and transmission time, the fault location result is obtained. The method is not affected by the wave velocity and the change of line length in theory and the ATP simulation results also show its fairly high fault location precision.