The Wi-Fi fine time measurement (FTM) protocol specified in the IEEE 802.11-2016 standard provides a new two-way ranging approach to enhance positioning capability. Similar to other wireless signals, the accuracy of the real-time range measurement of FTM is influenced by various errors. In this work, the characteristics of the ranging errors is analyzed and an abstract ranging model is introduced. From the perspective of making full use of the range measurements from FTM, this paper designs two positioning steps and proposes a fusion method to refine the performance of indoor positioning. The first step is named single-point positioning, locating the position with the real-time range measurements based on the geometric principle. The second step is named the improved matching positioning, which constructs a distance database by utilizing the existing scene information and uses the modified matching algorithm to obtain the position. In view of the different positioning accuracies and error distributions from the results of the aforementioned two steps, a fusion method using the indirect adjustment principle is proposed to adjust the positioning results, and the advantages of the matching scene information and the range measurements are served simultaneously. Finally, a number of tests are conducted to assess the performance of the proposed method. The experimental results demonstrate that the precision and stability of indoor positioning are improved by the proposed fusion method.