Positioning capability is the foundation of the cooperative work for multi-AUVs, and multi-AUVs’ platform colocation has lots of advantages compared with the single AUV. However, in the system of multi-sensor information fusion, because the working efficiency of the each sensor is different, and it also takes different time to process information, besides it needs some time to transmit information underwater, which maybe causes time delay when system state filtering needs measurement information. Therefore, firstly, the mechanism of time delay for AUVs’ cooperative navigation approach is analyzed, and the co-location method based on the measurement update is proposed. Then the collaborative localization method based on the measurement update is proposed. Finally, simulation results show that the proposed co-location method can increase the accuracy of multi-AUVs’collaborative localization.