A multi-touch positioning method for a capacitive touch panel includes following steps. A candidate touching position array including a first and a second candidate position groups is generated when the capacitive touch panel is touched by two objects. The first and the second candidate position groups include two first and second candidate positions, respectively. Next, the signal magnitude sensed by a sensing element and respectively corresponding to the first and the second candidate position groups are compared. Then, when the signal magnitude corresponding to the first candidate position group is greater than that corresponding to the second candidate position group, one of the two first candidate positions closer to the sensing element along a first direction is determined as a first actual touching position, and one of the two second candidate positions farther from the sensing element along the first direction is determined as a second actual touching position.