On the basis of the industrial photography, a non-contact measurement method for dynamic shaft power of a transmission shaft was proposed. Firstly, a measurement system of shaft power was designed, and the measurement method of shaft rotational speed and shaft torque was put forward. Then the shaft rotational speed and torque were measured by digital image correlation method and sub pixel computation. Finally, the shaft power was figured out. To validate the accuracy of this measurement method, a test system mounted on a vehicle was set up, and the actual test was carried out on a chassis dynamometer. The test results show that the measurement results by proposed shaft power measurement method and the chassis dynamometer have the same trend, and the average of relative error is 9.37%. The measuring range of the shaft rotational speed covers the whole process, and the fluctuation of measurement results is smaller. The measurement results are basically consistent with that of the chassis dynamometer, and the average of relative error is 0.73%, which verifies its strong anti-noise ability. Moreover, the measuring range of the shaft torque covers the part of the high torque, and the measurement results is in a larger fluctuation. The measurement results have the same trend with that of the chassis dynamometer, and the average of relative error is 1515%, the anti-noise ability is weaker. The method proposed in this paper overcomes shortcomings of some traditional measurement methods, and provides a new way to solve the measurement problem of dynamic shaft power.