The active ranging method cannot be applied to high-altitude inclined-angle large-area aerial imaging because of the limits of operating range and impulse frequency of the laser range finder. Aiming at the problem, the location algorithm based on multiple stereo imaging measurements is developed for the same target region. According to platform position and attitude information measured by airborne position and orientation system (POS) and outer and inner gimbal angel of aerial camera, a mapping relation between the geographical position of target area and image pixels is built. The ellipsoidal earth model is used to solve the initial geographical positions of the points in target area, and Kalman filter is applied to autoregressive prediction. The influence of measurement error on location accuracy is analyzed with Monte Carlo method. The simulation results show target location accuracy is less than 20 m and 10 m after stereo imaging for 40 times and 180 times, respectively. The validity of the target location algorithm is verified by flight tests in which the aircraft flies at altitude of 9800 m and target inclined angle is 78°. Target location accuracy through stereo imaging for 40 times is less than 35 m, which meets the requirement of engineering applications.