The traditional intersection positioning formula is from the ideal model that assuming the flight target is a point. But when two thedolites observing on the same target, their principal optical axis always can not intersection in the same point, and this will cause the model system error. Therefore, in this paper, the photoelectric theodolite intersection positioning method based on fusion dynamic weighting is proposed; the model of this method and the determination principles of the fusion dynamic weighting coefficients is introduced in detail; then, using the simulation data, the positioning precision of this method and the traditional method is compared; finally, analysis of the experiments showed that, the method proposed in this paper is better than the traditional method in positioning accuracy. So this new intersection positioning method has a high value of engineering practice.