The acoustic emission localization algorithm with high accuracy can help engineers quickly ascertain the fault or abnormality location， which can be used to monitor and detect the reliability of large scale equipment. In order to improve the localization accuracy， a novel localization algorithm is proposed， which fuses the excellent numerical performance of the Geiger method， homotopy algorithm and Newton's gradient method. The Geiger method is adopted to realize the iterative update of source location information， and an ill-posed problem is designed to update the source location information. The combination of homotopy algorithm and Newton's gradient method avoids the time-consuming matrix inversion in the conventional solution method. The final experimental results show that the proposed method in this paper is superior to the conventional localization algorithm， and can achieve a more precision solution of the acoustic emission source location information.