The growing scale of marine exploration requires high-resolution underwater localization, which necessitates cooperation among underwater network nodes, considering the channel complexity and power efficiency. In this paper, we proposed factor graph weight particles aided distributed underwater nodes cooperative positioning algorithm (WP-DUCP). It capitalized on the factor graph and sum-product algorithm to decompose the global optimization to the product of several local optimization functions. Combined with the Gaussian parameters to construct the weighted particles and to realize the belief transfer, it shows low complexity and high efficiency, suitable to the energy-restricted and communication distance-limited underwater networks. In terms of convergence, localization resolution, and computation complexity, we conducted the simulation and real-test with comparison to the existing co-localization methods. The results verified a higher resolution of the proposed method with no extra computation burden.