The Stepped Frequency Waveform (SFW) is commonly employed in radar technology to synthesize wideband signals through the aggregation of narrow-band pulses, thereby achieving high-resolution range profiles without the need to increase the radar's instantaneous bandwidth. However, the inherent large time-bandwidth product of SFW introduces substantial ranging errors and energy dispersion, which significantly hinders its efficacy in detecting high-speed objects. This paper introduces a pioneering velocity estimation technique utilizing the fractional Fourier transform (FrFT) to address these limitations. Leveraging the characteristic of the Doppler signal from a moving target, which manifests as a chirp signal with a rate proportional to the target's velocity, the FrFT is utilized for precise velocity estimation. Subsequent to this, velocity compensation is applied using the deduced metrics, followed by the application of the inverse fast Fourier transform (iFFT) to pinpoint the target's exact location. To optimize the computational efficiency of determining the FrFT's optimal order, we propose an iterative algorithm founded on the golden section search method. The effectiveness of the proposed approach is verified by simulation data, and the results demonstrate that the proposed approach can accurately estimate the velocity and the range of the high-speed targets with a relatively low computational complexity.