In single-axis rotation inertial navigation system (SRINS), the z-axis gyro drift (εz) dramatically limits its navigation precision because it cannot be modulated by rotation. In addition, in the process of alignment, in order to alleviate the contradiction between the alignment accuracy and the alignment time, and guarantee the alignment accuracy to the greatest extent and identify the z-axis gyro drift within a limited alignment time, a fast alignment method based on the time forward and reverse algorithm in stationary base is proposed, which can identify the parameters by using the least square method by adding the azimuth angle into the measurement in this study. This algorithm can not only reduce the alignment time, but also quickly estimate the z-axis gyro drift and improve the navigation accuracy. The experiment on a SRINS with FOGs is carried out. The results show that after the error compensation, the positioning accuracy of the SRINS is improved by about 24% and the positioning error is less than 2 n mile/12 h.