Aiming at the problem of insufficient accuracy of wave head time calibration and unstable wave velocity in traveling wave method, a single-ended fault traveling wave ranging method based on GST-TT transform is proposed. Firstly, the sampled voltage traveling wave signal is decoupled to extract the line mode voltage signal; Secondly, the line mode voltage signal is S-transformed in general; Thirdly, the appropriate high-frequency band is extracted as the fault characteristic band; Fourthly, Using high-frequency aggregation and low-frequency suppression characteristics of TT transform’s diagonal position elements, the arrival time of the wave head at the measuring end is accurately calibrated in the fault characteristic band; Lastly, the fault distance is obtained based on the fault ranging calculation method which does not depend on the specific traveling wave velocity. The method can improve the calibration accuracy of the wave head time and reduce the influence of the wave speed instability on the fault location. The PSCAD simulation proves that the method has high accuracy and the average relative error is 0. 25% in the absence of noise interference. It also has strong tolerance to transition resistance and anti-noise ability.