Given that the single-terminal traveling wave location method has significant errors, a novel fault location method based on the spatial domain image fusion and convolutional neural network (CNN) is proposed. Firstly, the three-phase traveling wave can be decoupled by the phase-mode transformation matrix for obtaining the line-mode component of the traveling wave. Secondly, the 1D line-mode traveling wave can be converted into a 2D image by the Gramian angular field (GAF). The 1D line-mode component can be mapped into the color, point, line, and other characteristic parameters of the 2D image. In order to expand the invisible information of the line-mode traveling wave, the images obtained by the Gramian angular summation field (GASF) and Gramian angular difference field (GADF) are weighted and fused. Finally, the CNN can be used to autonomously mine the characteristic parameters of the weight-fusion image and realize fault location. The simulation results show that the proposed method does not need to be considered in the traveling wave head and the traveling wave speed. The localization method is not affected by fault time, fault distance, or transition resistance factors. It possesses high reliability with an absolute range error of no more than 200 m.