In order to realize the static and dynamic contrast calibration of the adjustable contrast optical target device for measuring the low-contrast target capture capability of photoelectric tracker, a target sources contrast measurement system is established for researching the relationship between image contrast and optical contrast. The static target sources image contrast is analyzed and the static calibration curve based on the least squares method is obtained. The military standard rules and the static calibration method, according to the dynamic target sources unique “deformation effect” and “gray gradual change effect”, which leads to the problem of lacking uniform and accurate target gray extraction method; discriminant analysis based on mathematical statistical methods is used to classify target gray extraction frame dimensions by different gray values. Then, the scatterplots are applied to visualize the relationship between the extraction frame size and gray distribution, which makes the extraction frame size clear and exclude harmful effects from the above two effects on calibration. Dynamic contrast calibration curves are mapped out under different rates conditions. Experimental results indicate that the accuracy of extraction frame selected is more than 94% and the evaluation parameters of the static and dynamic calibration fitting equations: R2 and R2adj are both better than 99%, calibration precision S is better than 0.006, which demonstrates that the method is feasible and can satisfy contrast calibration demands in the equipment.