Abstract As the demand for indoor services relying on location information grows, achieving precise indoor positioning is becoming an urgent issue to address. The ultra-wide band (UWB) accuracy can reach centimeter level, but is susceptible to non-line-of-sight (NLOS) effects. The inertial navigation system (INS) is not affected by the environment, but the error will diverge over time. Therefore, this paper focuses on the UWB/INS combined positioning system, which can combine the advantages of both. We propose a loosely-coupled INS/UWB indoor localization scheme based on factor graph optimization (FGO). Firstly, an agglomerative hierarchical clustering based NLOS mitigation method is applied to preprocess the UWB raw measurement data. The position estimates under UWB are then obtained using an improved extended Kalman filter to mitigate NLOS errors and provide more accurate location data for combined navigation. Then, we build the IMU preintegration factor and the zero-bias factor. Finally, FGO is used to fuse the information to get the final location. Designed experiments demonstrate the superiority of the algorithm. The simulation and experimental results show that the proposed scheme outperforms the comparison algorithms.