A new Lamb wave damage location method, namely the exchanging-element time-reversal method (EX-TRM), is proposed based on the modified time reversal method (MTRM) and the exchanging-element reception method. The method incorporates other sensors signals not used by the traditional TRM into damage location, and analyzes the relationship between these signals and damage. According to whether the boundary reflection wave is taken into account, two different damage location approaches of this method are analyzed. The propagation law of the A0 mode in the aluminum plate is analyzed, and the damage location is performed by using the migration of the damage wave packet in the reconstructed signal. The experimental and simulation results verify the feasibility of the EX-TRM. The proposed method can effectively reduce the complexity and error of experimental operation, which is beneficial to promoting the engineering application of the Lamb wave damage location method.