The velocity model is one of the main factors affecting the accuracy of microseismic event localization. This paper addresses the issue of the low accuracy of microseismic event localization in tunnels and, combined with active-source technology, proposes a “source–station” velocity model. The velocity model assumes that the velocity from the source to each station is different, and it can greatly improve the accuracy of the time-difference-of-arrival algorithm. At the same time, for the case of multiple active sources, the MLKNN algorithm was selected as the velocity model selection method through comparative testing. The results of numerical simulation and laboratory tests in the tunnel showed that the average location accuracy of the “source–station” velocity model was improved compared with that of the isotropic velocity and sectional velocity models, with numerical simulation experiments improving accuracy by 79.82% and 57.05% (from 13.28 m and 6.24 m to 2.68 m), and laboratory tests in the tunnel improving accuracy by 89.26% and 76.33% (from 6.61 m and 3.00 m to 0.71 m). The results of the experiments showed that the method proposed in this paper can effectively improve the location accuracy of microseismic events in tunnels.