To meet the increasing demand of high-precision localization in coal mine, a set of underground positioning anchors and tags based on Ultra WideBand (UWB) communication were designed and implemented by applying high-precision wireless transceiver chip DW1000. Asymmetric Double Sided Two-Way Ranging (ADS-TWR) algorithm was used to improve the accuracy of ranging between the anchor and the tag, which effectively suppressed the error caused by clock drift. Aiming at the problem that a large amount of invalid communication was generated by the tag broadcasting request frame when starting the localization in the underground multi-anchor layout, a region determination strategy for tags based on ADS-TWR was proposed, which made a tag communicate with the anchors in its region only. At the same time, region abnormal self-checking and region correction mechanism for tags were introduced to ensure the efficient and stable operation of the system. In the coordinate analysis phase for tags, triangle centroid algorithm was used to further improve localization accuracy based on high-precision ranging and reduce localization processing time. Finally, the experimental results show that the localization accuracy of tags is within 15 cm, which meets the requirement of high-precision localization in underground coal mine.