The invention discloses a distribution network traveling wave fault positioning method based on multi-terminal data. A terminal node of a used measurement terminal is located at a tail end position of each branch of the distribution network. The method comprises steps: the fault initial wave front time of each terminal node is calculated; according to the fault initial wave front time of each terminal node and the length of a branch circuit, the fault initial wave front time of each virtual node corresponding to each terminal node on a trunk circuit is calculated; according to the wavelet transform modulus value of each terminal node, the fault initial wave front time of each virtual node and the circuit length data, a reference node on the trunk circuit is determined; according to the fault initial wave front time of adjacent two virtual nodes of the reference node and the circuit length data, whether a fault point is in the trunk circuit or the branch circuit is judged; and the position of the fault point is calculated. According to the method of the invention, fault in the trunk circuit and the branch circuit can be accurately positioned, and the system has high reliability.