Displacement measurement problem for dynamic target is widely studied. Research the testing and calibration model of the vertical optical axis binocular vision, deduce the lineup structure of the cameras and the positional relationship between the cameras and the target, and then establish non-contact vibration test system of dynamic target. Test system uses double area array CCDs to capture vibration images of the target. System extracts the target pixel position information to calculate the spatial coordinates of the target point, then according to the target pixel position changes in the whole process, to calculate the displacement variation in three dimensions. Experimental results show that the measurement accuracy is about 0.1 mm, and the maximum relative error is 1.73%, meeting the engineering test requirements. Measurement system has the features of compact, high accuracy and applicability, and achieving the purposes of intellectualized test and data analysis process automation. It can be popularly used to measure objectives’ three-dimensional space motion parameters and space gesture in engineering tests area, etc.