Incremental multi-hop localization algorithm applies to networks with broad range and low density of anchor nodes. However, during the localization process, it tends to be affected by accumulative errors and collinear problem between anchor nodes. We have proposed an incremental multi-hop localization algorithm based on regularized weighted least squares method, and the algorithm uses weighted least squares method to reduce the influence of accumulative errors and uses regularized method to weaken the collinear problem between anchor nodes. The results of both real experiment and simulative experiment show that compared to previous incremental multi-hop localization algorithms, the algorithm proposed in this paper can not only well solve the accumulated errors problem and obtain high localization accuracy, but it has also considered the influence of collinear problem on localization computation during the localization process. We evaluate our method based on various network scenes, and analyze its performance. We also compare our method with several existing methods, and demonstrate the high efficiency of our proposed method.