The invention discloses a cooperative navigation and localization system and method. The cooperative navigation and localization system comprises a sensor data collecting module, an RGB-D image generation module, a kinematic modeling module, a zero-deflection correction module, a position tracking module, a global optimization module and a map storage module. The cooperative navigation and localization system and method have the advantages that the system is provided with four sensors, namely the GPS, the monocular vision sensor, the inertial navigation element and the laser radar, the advantages of the sensors are combined, the precision and the application range of the sensors are improved, the cooperative navigation and localization system can normally work in various complex environments, and the cooperative navigation and localization system and method have the advantages of being quick in localization speed, high in localization precision, high in robustness, wide in application range and the like.