The existing calibration methods of zoom lens are mostly characterized by great difficulty and low dynamic accuracy. We propose a dynamical estimation method of internal and external parameters based on homography matrix for binocular camera with zoom lens and a fast plane reconstruction method. Firstly, we estimate two types of homography matrix using matching points of binocular images and matching points before and after zooming. Secondly, using mathematic model of zoom lens and the homography matrix, we calculate internal and external parameters of camera pair after zooming to realize the dynamic estimation and optimization of binocular parameters after zoom lens distortion. Finally, we achieve the fast matching and reconstruction of the planes by homography matrix of binocular images. The experiment results show that the calculated internal and external parameters are in good agreement with the calibration results. After zooming, the normalized error of computational homography matrix is less than 0.01, the error of image reprojection is less than 1 pixel, and the accuracy of reconstruction is less than 0.1 mm.