The passive bistatic radar based on the FM broadcast has inherent superiority with respect to its survivability. In this article, the ambiguity function (AF) and the cross ambiguity function (CAF) of the FM radio signal are analyzed and illustrated.The Kolmogorov Smirnov (K-S) test verifies that the amplitude probability density function of the CAF side lobes is exponential; the distribution of the target is also deduced. Finally, the detection performance of the passive radar is studied, and the result shows that this new type bistatic radar has favorable detection capability.