In the process of dual-path frequency-modulated continuous-wave laser ranging, the vibration converts the optical-path difference into an unnecessary phase modulation of a beat-frequency signal. In addition, the Doppler shift is introduced into this beat-frequency signal, which results in the serious broadening and frequency shift in the spectrum of beat-frequency signals. Thus the distance cannot be calculated according to the beat-frequency. To solve this problem, we propose a vibration compensation method based on the four-wave mixing effect, in which the four-wave mixing technology is utilized to generate a new frequency-sweeping signal opposite to the sweeping direction of the original frequency-sweeping signal, and the distance value can be calculated according to the measured beat-frequency signal of two frequency-sweeping signals. The results show that when the sweeping bandwidth is 10 nm, the measurement distance is 5 m and the target has a periodic displacement of 100 μm at a frequency of 2 Hz, the influence of vibration on laser ranging can be effectively eliminated with the vibration-compensation method based on the four-wave mixing effect, and the measurement standard deviation is reduced from 1.062 mm before compensation to 29 μm. In this method, the distance value after elimination of vibration influence can be directly obtained without the need of measuring vibration displacement, and the hardware part of the system is greatly simplified.