LuTan-1 (LT-1) is a bistatic synthetic aperture radar (BiSAR) system consisting of two identical L-band SAR satellites. The bistatic mode of LT-1 plays a critical role in generating high-precision digital elevation models (DEMs), which requires precise geometric calibration of initial range and azimuth times for both SARs to ensure the reliability and quality of geolocation. However, existing geometric calibration methods predominantly focus on monostatic SAR systems, with limited literature on slave SAR calibration in bistatic systems. This research addresses this gap by establishing geometric calibration models for both SARs based on signal echo history and the range–Doppler model. The geometric errors are effectively resolved using corner reflector data from Xinjiang, China. Through statistical analysis of LT-1 SAR images acquired between July and November in bistatic mode, this paper has demonstrated range delay accuracy of better than 5 ns and azimuth time accuracy of better than 0.1 ms. This level of precision translates into a positional accuracy better than 0.8 m. The proposed models have been successfully applied to geometric calibration, providing precise geolocation for LT-1, thus enhancing its utility for a wide range of Earth observation applications. This paper is the first endeavor to present the assessment of the geometric calibration and geolocation accuracy of LT-1 and discuss the results of the bistatic geometric calibration of the master and slave SARs in a BiSAR formation.