The iterative closet point (ICP) method is a dominant method for data registration that has attracted extensive attention. In this paper, a unified mathematical model of ICP based on Lie group representation is established. Under the framework, the registration problem is formulated into an optimization problem over a certain Lie group. In order to simplify the model and to reduce the dimension of parameter space, the translation part of geometric transformation is eliminated by calibrating the centers of two data sets under registration. As a result, a fast algorithm by solving an iterative linear system is designed for the optimization problem on Lie groups. Moreover, PCA and ICA methods are jointly applied to estimate the initial registration to achieve the global minimum. Finally, several illustrations and comparison experiments are presented to test the performance of the proposed algorithm.