The invention discloses a traveling wave fault positioning method free of the influence of a wave velocity. The method includes following steps: when a high-voltage power transmission line has a faultat a line midpoint, calculating a time difference for reaching measuring devices at two sides of the line by a generated fault transient initial traveling wave surge as a set value; and when the linehas the fault, determining an interval segment of fault occurrence through comparison of a measured time difference for reaching the measuring devices at two sides of a bus by the fault transient initial traveling wave surge and the set value, giving a range-finding result through a single-end principle, eliminating the propagation speed of the traveling wave in the power transmission line through the measured time difference for reaching the measuring devices at two sides of the bus by the fault transient initial traveling wave surge and the set value, and giving a range-finding formula. According to the method, the acquisition of the arrival time of the fault traveling wave after the third time is avoided, the defect that the conventional single-end range-finding method free of the influence of the wave velocity fails to give the range-finding result when being close to a measuring end is eliminated, and the accuracy and the reliability of range finding are improved.