A hybrid Newton-like iterative method and a regularization method are employed to perform the numerical simulations of the defects in depth evaluation and the thermal wave imaging for defects-included solid sample by analysis of the surface photo-thermal signals. A simple and effective data processing method is suggested to improve the reconstructed data. The results of the numerical calculation demonstrate that the algorithm presented in this paper is very effective, and can be used for qualitative and quantitative analyses of homogeneous materials with defects in depth included. It is also proved that the algorithm is stable even with noise disturbance.