In this paper, we propose a deep learning and matrix completion aided approach for recovering an outlier contaminated Euclidean distance matrix D in IoT network localization. Unlike conventional localization techniques that search the solution over a whole set of matrices, the proposed technique restricts the search to the set of Euclidean distance matrices. Specifically, we express D as a function of the sensor coordinate matrix X that inherently satisfies the unique properties of D, and then jointly recover D and X using a deep neural network. To handle outliers effectively, we model them as a sparse matrix L and add a regularization term of L into the optimization problem. We then solve the problem by alternately updating X, D, and L. Numerical experiments demonstrate that the proposed technique can recover the location information of sensors accurately even in the presence of outliers.