The present invention discloses a system and a method for vehicle positioning and orientation aiming with fusion of inertia and a satellite. The system comprises a laser strapdown inertial measurementunit, an auto-collimation optical tube, an atmospheric pressure altimeter, a Hall odometer, a dead reckoning unit, an extended Kalman filter, a standard Kalman filter, a federated Kalman filter, a main antenna, a secondary antenna, a satellite positioning and orientation host, an optical measurement combination unit and a target light source generation device. The method comprises the steps of: an inertial orientation data obtaining step, a satellite orientation data obtaining step, an orientation data comparison and fusion step, an inertial positioning data obtaining step, a satellite positioning data obtaining step, a positioning data fusion step, and an orientation and positioning data transmission step. The system and the method for vehicle positioning and orientation aiming with fusion of the inertia and the satellite can achieve positioning and orientation functions with high precision, and can achieve that an orientation result is transmitted to a missile launch control system;and moreover, the system and the method are high in precision, fast in positioning and orientation speed and high in adaptive capacity to an environment, and can satisfy demands of the missile launchcontrol system to offhand rapid emission.