For the influence of traveling-wave detection accuracy and wave velocity on the location accuracy in traveling wave fault location technology, a new double-terminal traveling wave fault location method is proposed. First, the characteristics of Variational Mode Decomposition (VMD) and Teager Energy Operator (TEO) is introduced and applied to traveling wave detection. Second, by analyzing the propagation path of fault traveling wave, a new fault location algorithm that avoiding traveling wave velocity influence is deduced based on the principle of double-terminal traveling wave fault location, the wave head of traveling wave reflection does not need to detect using this algorithm, and its fault location principle is simple. Finally, EMTDC simulations prove that the method is correct and accurate. A lot of simulations results show that this method has better effect on traveling wave detection, and location accuracy is higher.