Localization of mobile station (MS) has now gained considerable attention. Since the hybrid measurements can help to improve the positioning accuracy, several hybrid localization methods have been proposed in the literature. However, the high performance estimator with the closed-form solution and complete performance analysis for time-of-arrival/signal strength (TOA/SS) localization technique is still an opening issue. Two TOA/SS localization algorithms with the closed-form solutions are proposed for the cases with or without uncertainty in the positions of base stations. Furthermore, performance analysis for the TOA/SS localization technique is presented. Both the theoretical variances and Cramer-Rao lower bounds (CRLBs) are derived and the relationship between the cases with or without uncertainty is given. The paper also proves that the TOA/SS scheme has a lower CRLB than the TOA (or SS) scheme. Theoretical analysis and simulations show that the proposed method can reach its CRLB.