An accurate and more more efficient millimeter-wave imaging algorithm for monostatic system is presented in this paper. First of all, a more precise physical model which takes into account propagation loss of both the incident wave and reflected wave is implemented. Consequently, the proposed algorithm obtains a better imaging result for multiple targets in different ranges. However, the accordingly physical model can not be processed by the classical mathematical model, such as spherical wave decomposition and Weyl identity. Therefore, the method of stationary phase (MSP) is applied to derive the imaging equation. In addition, range stacking is introduced to avoid time-consuming interpolation in the spectral domain, which also contributes to improved computational efficiency compared with the algorithms using interpolation process. Quality of imaging efficiency have been improved in numerical results with both synthetic data and full-wave simulation data. The proposed algorithm has been further justified through laboratory testing with our in-house developed prototype.