To address the failure of existing satellite video stabilization algorithms in no-control-point scenarios, a satellite video stabilization algorithm based on multiple moving targets is proposed. This algorithm constructs a framework that integrates target detection, trajectory smoothing, and norm optimization by combining multi-target Kalman filtering, rlowess trajectory smoothing, and L1-L2 norm optimization, ultimately achieving satellite video stabilization. Experiments were conducted using a maritime multi-target ship observation dataset. The results validate the effectiveness of the algo- rithm, showing that the stabilization error of the proposed algorithm can be controlled within 0.3 pixels in both the X and Y directions. This study fills the technical gap in satellite video stabilization in no-control-point scenarios and has broad and significant engineering application value.