Accurate localization and reconstruction of dynamic loads are critical tasks in the analysis of engineering structures subject to vibration. However, the rapid identification of multiple dynamic loads in continuous systems remains challenging due to the strong coupling of their effects in the measured response. This paper proposes a novel and efficient method for the simultaneous localization and time history reconstruction of multiple dynamic loads in continuous structures. Through numerical integration, the mapping relationship between structural responses and modal loads is established, facilitating the identification of modal loads across various orders. Unlike conventional methods, the proposed approach applies Fast Independent Component Analysis (FastICA) for the first time to this problem, leveraging the statistical independence of typical load signals to decouple the modal load components in the time domain. This information-theoretic strategy allows for the use of only response signals to isolate individual load contributions. Subsequently, the modal shape comparison method is applied to accurately localize load locations and determine their magnitudes. The computational efficiency of the proposed framework is further analyzed to theoretically demonstrate its performance advantage. Simulation studies on a simply supported beam and a complex wing model confirm that the method can accurately localize loads and reconstruct their time histories under various loading conditions. The method also exhibits strong robustness to measurement noise and model errors. Furthermore, the assumption of statistical independence among load signals is analyzed and confirmed. To validate practical applicability, experimental studies on a simply supported beam are conducted, further confirming the method's accuracy and reliability.