The precise positioning of a lander is a key issue during in situ planetary exploration. This paper proposes an optimal weighting algorithm based on a Helmert-variance component estimation applied to VLBI phase delay data. We validated our algorithm on Chang’e 3 lander VLBI phase delay from the Chinese VLBI Network. We consider that the lander positioning accuracy achieved with our new algorithm is at least 53% better, compared to previous estimations based on the same observations. The position of the lander based on continuous 4-day observations was estimated to be 44.1215°N (±21.9 m), −19.5135°E (±4.2 m) and −2632.7 m (±18.9 m) with respect to a moon reference system. This result agrees well with the position derived from images taken by the Narrow Angle Camera on the Lunar Reconnaissance Orbiter.