In this paper, an estimation algorithm for the position and velocity of a moving target in a multistatic radar system is investigated. Estimation accuracy is improved by using bistatic range (BR), time-difference-of-arrival (TDOA), and Doppler shifts. Multistatic radar system includes several independent receivers and transmitters of time synchronization. Different transmitters radiate signals of different frequencies, and receivers detect the Doppler shifts of the received signals. These estimation parameters, BR, TDOA, and Doppler shifts, are readily available. The proposed algorithm combines different estimated parameters and optimizes estimation accuracy by two-step weighted least squares minimisations (WLS). This estimation algorithm is analysed and verified by simulations, which can reach the Cramer–Rao lower bound (CRLB) performance under mild Gaussian noise when the measurement error is small. Numerical simulations also demonstrate the superior performance of this method.