A terminal positioning system and terminal positioning method are provided. The system includes: a first distance acquiring module acquiring a first distance between a first base station and a terminal located in an overlapped coverage area of the first base station and a second base station according to first time offset information of the terminal; a second distance acquiring module acquiring a second distance between the second base station and the terminal according to second time offset information; an angle acquiring module acquiring a first signal arrival angle of the terminal relative to the first base station and a second signal arrival angle of the terminal relative to the second base station; a first positioning module obtaining an initial location of the terminal according to the first and second signal arrival angles, and a second positioning module determining the accurate location of the terminal.