The invention relates to a high-speed camera calibration system and method. The high-speed camera calibration system comprises a calibration board, a laser ranging radar, a high-speed camera, an exposure time and dropped frame measurement device and an imaging distortion calibration device. According to the system and method, a high-precision picosecond laser ranging technology is adopted to be combined with a camera parameter calibration algorithm, the camera focus and the distortion coefficient are determined, a distortion matrix is optimized, a precise camera image-to-spatial position three-dimensional reduction algorithm is formed, and spatial calibration on camera imaging distortion is achieved; the adopted measurement reference clock frequency is 4-5 orders of magnitude higher than the measured high-speed camera frequency; acquisition and analysis equipment with the sampling rate of 25 GHz is adopted to acquire the exposure time of the high-speed camera, the high-precision exposure time and dropped frame rate are obtained through measurement, and a data basis is provided for test parameters acquired for calibrating the high-speed camera.