A novel unitary estimation of signal parameters via rotational invariance techniques (ESPRIT) algorithm, for the joint direction of arrival (DOA) and range estimation in a monostatic multiple-input multiple-output (MIMO) radar with a frequency diverse array (FDA), is proposed. Firstly, by utilizing the property of Centro-Hermitian of the received data, the extended real-valued data is constructed to improve estimation accuracy and reduce computational complexity via unitary transformation. Then, to avoid the coupling between the angle and range in the transmitting array steering vector, the DOA is estimated by using the rotation invariance of the receiving subarrays. Thereafter, an automatic pairing method is applied to estimate the range of the target. Since phase ambiguity is caused by the phase periodicity of the transmitting array steering vector, a removal method of phase ambiguity is proposed. Finally, the expression of Cramér–Rao Bound (CRB) is derived and the computational complexity of the proposed algorithm is compared with the ESPRIT algorithm. The effectiveness of the proposed algorithm is verified by simulation results.