Bistatic forward-looking synthetic aperture radar (BFSAR) is a kind of bistatic SAR system that can image forward-looking terrain in the flight direction of the receiver. Current literature and reports about BFSAR mainly concentrate on the stationary scene and ground-moving target imaging. Unlike stationary and ground-moving targets, the translational and rotational movements of ship targets usually lead to complicated range cell migration (RCM) and Doppler frequency migration (DFM). Moreover, the characteristics of RCM and DFM for different scattering points of the ship target are significantly different, i.e., the characteristics of the RCM and DFM are 2-D spatial variation, ultimately leading to severe defocusing of ship target in the SAR image. To solve these problems, a kind of hybrid SAR-ISAR imaging formation is proposed for BFSAR ship target imaging. First, to solve the problem of the Doppler ambiguity caused by the forward-looking mode of the receiver, an efficient ambiguity estimation method based on the minimum entropy criterion is presented. Then, keystone transform and range alignment processing can be applied to correct the spatial variant range walk and higher order RCM, respectively. Moreover, in order to obtain a high-resolution and well-focused image after translational compensation, a new method based on the fractional Fourier transform (FrFT) and the Wigner–Ville distribution (WVD) is proposed, where FrFT is applied to separate the multiple main scattering points in each range cell, and WVD is applied to obtain the high-resolution time–frequency distribution of each scattering point. Compared with the conventional ISAR range-Doppler (RD) algorithm and time–frequency estimation-based imaging methods, this method not only has no cross terms but also has high processing accuracy and better antinoise performance.