Network localization is a key feature in many wireless services and applications. In typical rang-based localization techniques, “agents” try to perform position estimation through ranging with respect to “anchors” with known positions. Based on the definition of squared positional error bound (SPEB), the localization accuracy can be determined by the transmit power, carrier frequency and signal bandwidth, etc. This paper analyzes the joint power and spectrum allocation (JPSA) optimization problems in resource restricted wireless localization systems. We first formulate both interference-free and interference-limited JPSA problems. Since both problems are non-convex, we then develop two approximation algorithms based on single condensation and Taylor linearization. Both algorithms are able to find solutions close the global optimum. Numeric results validate our analysis, and show that, we are able to find optimal resource deployment in wireless localization networks based on the proposed frameworks.