The invention provides a wavelet analysis-based double-end traveling-wave fault locating method. The method comprises the steps of firstly, acquiring a three-phase current during the occurrence of a fault and obtaining parameters in the line mode and in the zero mode after the transformation processing of the three-phase current; secondly, conducting the wavelet decomposition on the three-phase current to reconstruct the three-phase current, and conducting the self-correlation analysis on the current to obtain self-correlation function waveforms formed by a first bus and a second bus respectively; thirdly, screening out a waveform that meets a preset condition and adopting the waveform as a first waveform, and adopting a waveform that does not meet the preset condition as a second waveform; fourthly, acquiring the overall length of a power transmission line, the abscissa time of the first waveform that reaches a maximum value point last time, the abscissa time of the second waveform that reaches a maximum value point last time, and the abscissa time of the second waveform that reaches a third maximum value point last time; fifthly, when the difference between the abscissa time of the first waveform that reaches the maximum value point last time and the abscissa time of the second waveform that reaches the third maximum value point last time is within a preset range, obtaining a distance value between a fault point and the first and/or second bus(es).according to the method, the traveling wave velocity and the line length variation do not need to be considered at all. Meanwhile, the two-terminal accurate synchronism is also not required. Therefore, the distance measurement reliability and the distance measurement accuracy are improved.