This chapter investigates the localizability and controllability of local-bearing-based multi-agent systems under directed graph and develops the integrated distributed localization and formation scheme. Based on local-bearing measurement, a novel prescribed-time orientation estimation algorithm is designed to ensure that the local reference frame of the follower agent is aligned with the global one. The local bearing information is more easily obtained than global one. Therefore, the new orientation estimation result is expected to be more widely applicable. The orientation estimation result is then applied to the stationary and moving target formation with unknown initial positions, two prescribed-time distributed formation control schemes are developed. The distinctive advantage of this work is that only the local bearing information is used, the fast and controllable localization estimation and formation control are achieved simultaneously. The global convergence is derived based on the cascade system and the mathematical induction method. Both simulation and experiment results are provided to prove the effectiveness of the theoretical results.