The accumulated errors in multi-station measurements make it challenging to meet higher precision requirements for annular or straight tunnel measurements in the accelerator alignment field. In this paper, a study on fixing positions and orientations of laser trackers during the bundle adjustment is presented. First, we adopt the mixed least squares-total least squares algorithm to calculate the spatial-transformation parameters. Then, according to the principle of bundle adjustment based on laser trackers, we design four schemes and compare them to determine which scheme results in the highest precision. Experimental results show that fixing each station’s position and orientation can considerably decrease the absolute point errors from 0.130 to 0.069 mm within 15 m × 10 m × 3 m, and fixing stations’ orientations is better than fixing their positions. This research can derive high-precision schemes that effectively reduce accumulated errors in annular or straight tunnel measurements, and it can apply to other robotic sensors as well.