This new and efficient photogrammetric method for unmanned aerial vehicles (UAVs) requires only a few images taken in the vertical direction at different altitudes. The method includes an original relative orientation procedure which can be applied to images captured along the vertical direction. The final orientation determines the absolute orientation for every parameter and is used for calculating the 3D coordinates of every measurement point. The measurement accuracy was checked at the UAV test site of the Japan Society for Photogrammetry and Remote Sensing. Five vertical images were taken at 70 to 90 m altitude. The 3D coordinates of the measurement points were calculated. The plane and height accuracies were ±0.093 m and ±0.166 m, respectively. These values are of higher accuracy than the results of the traditional photogrammetric method. The proposed method can measure 3D positions efficiently and would be a useful tool for construction and disaster sites and for other field surveying purposes.