An image measuring aerial gondola system with high frame rates was established to observe the critical stages of aircrafts such as the flight calibration of aircraft and the beam-leaving, felling and attitude of missiles. To ensure the visual and infrared lights to be coaxial in the system and the entire system to be a perfect aerodynamic shape, the common-path design was used for both visual and infrared paths. The optical calibration method was used in image registration, and a processing approach was proposed to improve the calibration accuracy. Then, the characteristics of optical calibration were summarized. Several image fusion methods to achieve real-time effect in the time domain were analyzed and their results were compared. Finally, how to eliminate the edge traces of the fusion image with different sizes was discussed, and it suggests that the window function method can not only retain the effect of fusion but also can eliminate the edge traces of fusion images. The experiment results indicate that the common-path design is used to process different source images with a frame rate of 100 frame/s can increase the registration rate to 99% , the stability to 95%, and allow the registration time to 2 ms (immediately image registration after read from the sensor). The proposed method basically meets the requirements of the image measuring aerial gondola system for high-precision, real-time and strong anti-interference of registration and fusion of high frame rate images and is suitable for engineering applications.