This paper explores finite-time formation control of multi-agent systems (MASs) with high-order nonaffine nonlinear dynamics and saturated input. Based on active disturbance rejection control theory, extended state observer is employed to identify unknown nonaffine nonlinear functions in MASs. The proposed control law consisting of backstepping control, tracking differentiator, and finite-time performance function is adopted for MASs to achieve the desired formation while reaching performance requirements. An auxiliary dynamic compensator is introduced to correct the control deviation caused by input saturation. Lyapunov stability theory is utilized to analyze the stability of the closed-loop system, which guarantees that the formation tracking error can asymptotically converge to an arbitrarily small neighborhood around zero in finite time. Finally, the simulation results show that compared to the adaptive, cooperative learning, and virtual structure methods, the proposed control algorithm has stronger tracking ability and faster setting time (1.8 s) under the influence of nonaffine nonlinear uncertainties. The integral square error for the formation control strategy in this paper is 0.16, which is much smaller than the abovementioned methods and is therefore provided to manifest the validity and feasibility of the proposed control strategy.