The photoelectric theodolite of high precision without laser ranging system has been frequently used in the actual exterior ballistics test of conventional weapons to complete the testing task. In the specific test section, there has been only one theodolite tracking the target or multiple theodolites tracking but can’t meet the intersection conditions, which can’t provide guidance data for other stations, leading to testing task failure. To improve the ability to complete the tasks successfully, a real-time guided positioning method of single-station theodolite is proposed for the special test scene of the height-keeping flight target. The accuracy estimation model is established according to the mathematical model of line-surface intersection. The simulation experiment verification and practical application effect show that our method can meet the accuracy requirement of real-time guidance in the shooting range so that the reliability of this test task can be improved and the guidance mode of external measurement in the shooting range can be enriched.