Fast estimation of location parameters is the key for the wireless positioning system, but super-resolution time delay estimation algorithms commonly have high computational complexity. Aiming at solving this problem, a time delay estimation based on rotation-invariance Propagator Method(PM) is proposed in Orthogonal Frequency Division Multiplexing(OFDM) system. Firstly, the received signal in OFDM frequency domain is modeled, and then the covariance matrix is calculated. Finally, according to the Vandermonde matrix attribute of subcarriers steering matrix, the closed-form solution of time delay parameter is accomplished by rotation-invariance PM algorithm, which not only does not need eigenvalue decomposition but also avoids the pseudo spectral peak search, and the calculation speed is fast. Theoretical analysis and simulation results show that the performance of the proposed algorithm is close to that of the Estimating Signal Parameter via Rotational Invariance Techniques(ESPRIT) algorithm with a significant cut in the computational complexity, and the algorithm has good feasibility and effectiveness.