To meet the requirements of underwater target detection during close range operation of underwater robots, a real-time binocular image acquisition and processing system based on ZYNQ-7000 (ZYNQ) was designed and an underwater binocular camera prototype was developed. The system collects video data from OV5640 CMOS based on FPGA, converts it to an interface type supported by VDMA through IP core, and transmits the data to the DDR cache on the PS through AXI4 bus. The data are then sent to the PC software via Ethernet on the PS. After the analysis using the PC software, the binocular images can be real-time displayed and processed. The results show that the system has achieved real-time acquisition and storage of 1600 pixel ×600 pixel images at 25 frame/s, with an average reprojection error of 0.0542 pixel after binocular image calibration. Binocular image row alignment was achieved through stereo rectification. This provides a reliable platform for further testing and achieving underwater target measurement, positioning, and 3D reconstruction.