Images captured from CCD cameras installed along railway are heavily distorted in wheel profile dynamic inspection system based on light-section method and image measurement technique. This paper analyzed causes of image distortion captured by CCD cameras, and designed the factorial of 2, 3, 4 calibration model. The results of each calibration model were compared by processing the same distortion image of checkerboard. And the calibration model, which is fit to Wheel Dynamic Inspection System, was selected. Based on selected calibration model, revised results of center district and outer district of image were analyzed quantitatively. Furthermore, the selected calibration model was applied on wheel profile image of high speed train captured by Wheel Dynamic Inspection System and the revised result of wheel profile was given. Field test shows that the designed calibration algorithm achieves a high precision of 0.1 mm, which meets the demand of wheel inspection in motion.