Fleets of drones have attracted a lot of attention from the research community in recent years. One of the biggest challenges in deploying such systems is localization. While GNSS localization systems can only be effective in open outdoor environments, new solutions based on radio sensors (e.g., ultra-wideband) are increasingly being used for localization in various situations and environments. However, self-localization without prior knowledge of anchor positions remains an open problem which, for example, makes it impossible to track a moving target. In this article, we provide a comparison of different variants of gradient descent-based algorithms, with a new improved variant, for solving the localization problem using relative distance measurements and multilateration. It is applied to self-localization of anchors and tracking targets using ultra-wideband distance sensors. A realistic simulation of drone tracking and anchors’ localization is performed to demonstrate the robustness and accuracy of the proposed approach.