The spotlight image acquired by the Gaofen-3 satellite has a resolution of 1 m, which has great potential for 3-D localization. However, there have been no public reports on the 3-D localization accuracy evaluation of Gaofen-3 spotlight synthetic aperture radar (SAR) images. Here, three study areas were selected from this perspective, and the SAR spotlight stereo images of the study area were acquired using Gaofen-3. In the case of no ground control points (GCPs), based on the Rational Polynomial Coefficient (RPC) model, these images were used for initial 3-D localization; the plane accuracy was better than 10 m in general, and the elevation accuracy was worse than 37 m in general. Subsequently, the RPC model was optimized using geometric calibration technology, and the 3-D localization accuracy was assessed again. The elevation accuracy was significantly improved, which was generally better than 5 m. The plan accuracy was also improved, and it was generally better than 6 m. It can be seen that Gaofen-3 spotlight stereo images are of good quality, and high plane accuracy can be obtained even without GCPs. Geometric calibration technology improves the 3-D localization accuracy, and the elevation accuracy optimization effect is remarkable. Moreover, the optimization effect of plane accuracy is affected by the properties of stereo-image pairs. The optimization effect of plane accuracy is obvious for asymmetric stereo-image pairs, and the optimization effect of plane accuracy is general for symmetric stereo-image pairs.