The split delivery vehicle routing problem (SDVRP) is a classic combinatorial optimization problem, which is usually solved using a heuristic algorithm. The ant colony optimization algorithm is an excellent heuristic algorithm that has been successfully applied to solve various practical problems, and it has achieved good results. However, in the existing ant colony optimization algorithms, there are issues with weak targeting of different customer selection strategies, difficulty in balancing convergence speed and global search ability, and a predisposition to become trapped in local optima. To solve these problems, this paper proposes an improved ant colony algorithm (IACA). First, in terms of customer point selection, the initial customer and noninitial customer selection strategies are proposed for different customers, and the adaptive selection threshold is designed. Second, in terms of pheromone processing, an initial pheromone distribution method based on a greedy strategy, a pheromone backtracking mechanism, and an adaptive pheromone volatile factor are proposed. Finally, based on the 2-opt local search method, vehicle path self-search and intervehicle path search are proposed to further improve the quality of the solution. This paper tests the performance of the IACA on datasets of different scales. The experimental results show that compared with the clustering algorithm, artificial bee colony algorithm, particle swarm optimization algorithm, traditional ant colony algorithm, and other algorithms, the IACA can achieve more competitive results. Specifically, compared to the path length calculated by other algorithms, the path length calculated by IACA decreased by an average of 1.58%, 4.28%, and 3.64% in small, medium, and large-scale tests, respectively.