The uncertainty of traveling wave speed always causes big deviations to the fault location. In order to conquer the influence of traveling wave speed on transmission line fault location, a new method of fault location by using three measurement points was presented in this paper. The method contains two main parts: the establishment of the identification matrix for the faulty section and fault point location. Firstly, the arrival times of the initial fault traveling waves are used to form the identification matrix for the faulty section, and the faulty section can be identified according to characteristics of element in the formed identification matrix ,and the matrix avoids the influence of wave speed; Secondly, a new locating algorithm without influence of wave speed was derived based on the principle of double-end traveling wave fault location. The simulation results show that the arrival time of initial fault traveling wave can be detected accurately, and then the faulty section and the fault point can be located exactly by using the method proposed by this paper.And the method is unsusceptible to wave speed, fault type,transition resistance.