This paper presents a fast and accurate ranging algorithm for the WiBro system. The proposed algorithm detects a received ranging code and estimates its propagation delay using the correlation characteristics of the PRBS (Pseudo Random Binary Sequence) and the circular shift property of the discrete Fourier transform operator. The proposed ranging algorithm was applied to array antenna systems to show how it could improve the ranging performance of an array antenna system compared to a conventional base station system, which uses only a single antenna.