This paper combines the advantages and disadvantages of traveling wave method and fault analysis method to propose a new fault location algorithm. Firstly, the distributed current along the DC line is obtained by fault analysis method, then the abrupt change of the distributed current is detected by stationary wavelet transform (SWT), and the wave head propagation curve of traveling wave is drawn. Finally, the wave head propagation curve at both ends is combined to determine the fault location. By comparing the method used in this project with the existing method, it can be found that the ability and reliability of the algorithm used in this project have been greatly improved. At the same time, because this algorithm also combines the principle of traveling wave ranging, its positioning accuracy is also high. The shortcoming of this algorithm is that the calculation process of the algorithm is complex, which may take a long time compared with the existing method. However, from the perspective of engineering application, the reliability and accuracy of fault location is more important than the rapidity.