In order to improve the location precision of multiple targets in a time division multiple address (TDMA) system, a new weighed least square algorithm is presented for multi-target ranging and locating. According to the time synchronization of the TDMA system, the range difference model between multiple targets is built using the time relations among the slot signals. Thus, the range of one target can be estimated by the other one's, and a group of estimated value can be acquired for every target. Then, the weighed least square algorithm is used to estimate the range of every target. Due to the time differences of arrival (TDOA) of all targets are used in one target's location, the location precision is improved. The ambiguity and non-solution problems in the traditional TDOA location algorithm are avoided also in the presented algorithm. At the end, the simulation results illustrate the validity of the proposed algorithm.