In the iterative reconstruction method for optical transfer function (OTF) measurement, several images are captured and taken into update computation, which offers this method strong anti-noise robustness and anti-aliasing. However, in image acquisition, the inevitable vibration will cause a small relative translation between multi-frame images, which results in an increase in the number of iterations and a decrease in the measurement accuracy of the modulation transfer function (MTF). Moreover, the images captured by this method are randomly distributed point spread functions (PSFs), and the relative translation between multi-frame images cannot be calculated by the phase correlation method. In view of this, a calibration method for relative translation between multi-frame images is proposed, which is based on the phase transfer function (PTF). The PTF calculated by a single iteration of the first image is subtracted from the PTF calculated by a single iteration of each image, and the relative translation between multi-frame images is calibrated according to the difference. The numerical simulation and experimental results reveal that the calculation accuracy of the proposed method is independent of the relative translation between images, and the proposed method can reduce the number of iterations by up to 80% and the mean square error of MTF measurement by one to two orders of magnitude.