As an import part of the space manipulator, the binocular vision system can guide the manipulator to localize and acquire the samples. The calibration of internal and external parameters is the primary premise and important guarantee for binocular camera to obtain the motion information such as the position and the direction of the cooperative target with high precision. A method for the calibration of internal and external parameters of the binocular camera based on bundle adjustment algorithm was proposed. A three-dimensional target was used as the calibration target, and the high-precision angle measuring equipment theodolite was used as the precision measurement reference. And then the internal and external parameter of manipulator binocular vision system could be calculated. The experimental results show that the camera internal parameter reprojection error is less than 0.5 pixel, and the accuracy of the external parameter test is ±0.19 mm, which is able to satisfy the test needs and the test precision. This method offers a meaningful principle of integration and adjustment of manipulator binocular vision system.