The invention provides a wireless and ultrasonic composite location system and a location method for the wireless and ultrasonic composite location system, wherein the wireless and ultrasonic composite location system comprises a plurality of beacon modules with fixed positions, at least one mobile location module and an electronic location platform; each of the beacon modules comprises a first wireless receiving and sending module, an ultrasonic transmitting module and a first intelligent processing module; the mobile location module is arranged on a mobile object, and comprises a second wireless receiving and sending module, an ultrasonic receiving array, an array processing module and a central processer; the electronic location platform is used for building an electronic map and sending the electronic map to the mobile location module, and is also used for coordinating the synchronization of the beacon modules and the mobile location module. The invention also comprises the location method for the wireless and ultrasonic composite location system. By adopting the system and the method, the problems of multipath effect and none-line-of-sight are solved, the measurement precision is improved, and the theoretical precision of less than 0.1mm can be reached.