In order to obtain the geographic location of photography areas accurately, the geo-location algorithm is developed for time delay integral-charge coupled device(TDI-CCD) aerial panoramic camera without the laser range finder. Using aircraft position and attitude information measured by airborne position and orientation system (POS) along with the depression angle and position angle from the encoder in aerial camera, line of sight (LOS) pointing angle in geographic coordinate is solved by homogeneous coordinate transformation. According to the WGS-84 ellipsoidal earth model, longitude and latitude location is solved with the earth ellipsoid calculation theory. The influence of aircraft attitude angle measurement error and the depression angle and position angle measurement error on line of sight pointing angle calculation accuracy is analyzed with the Monte Carlo method. The impact of photography inclination angle and topographic change of target region on geo-location precision is investigated, which shows that the precision of geo-location is higher when the photography inclination angle and topographic change of target region are smaller. The validity of the geo-location algorithm is verified by the flight test in which the plane flies at an altitude of 17750 m and the photography inclination angle ranges from 63° to 75°. The circular error probability of target geo-location is less than 212.96 m, which meets the requirement of the project.