The direction finding cross localization using bistatic MIMO radar system is studied in this paper, and a fast multi-target localization algorithm based on propagator method is proposed. The new method avoids the estimation and SVD (Singular Value Decomposition) of the covariance matrix of the received signals which are the main computational burden in traditional subspace method, and does not need two-dimensional (2-D) spectrum peak searching. Thus, the computational complexity of the proposed algorithm is reduced with the maintenance of good performance for two-dimensional angle estimation. According to the elementary matrix transformation and the tripartite relationship among matrix, the eigenvalue of the matrix and the eigenvector corresponding to the eigenvalue, the estimated parameters of the proposed algorithm are automatically paired with the additional paring computation eliminated. The simulation results demonstrate its effectiveness and robustness.