In order to improve the accuracy of traveling wave fault location of double-circuit line on the same tower, a new selection of fault traveling wave and a detection method are proposed for fault traveling wave selection and traveling wave detection. The coupling between each phase and each line of double-circuit line on the same tower is complex and multimode propagation characteristics after traditional phase mode transformation are of big difference. A new kind of phase transformation is adopted, which concludes the law of multimode component propagation and solves the difficult problem of traveling wave fault selection. There are some technical defects existing in the current traveling wave detection method. The variational mode decomposition after parameter optimization and Teager energy operator are combined to apply to traveling wave detection, realizing the adaptability of the travelling wave detection method with a good detection effect. Double-terminal traveling wave fault location algorithm is used to calculate fault location. A large number of simulation results verify the feasibility of the method and the accuracy of location results. This work is supported by Foundation of Hebei Education Department (No. ZD2014031), Science and Technology R & D Program of Handan (No. 1721203048-1), Innovation Fund Program of Hebei University of Engineering (No. 17129033052).