Photogrammetry as an engineering measurement technology for the rapid and non-contact acquisition of geometric parameters, such as the attitude, position, and shape of a measured object, is widely used in the development and production processes of the aerospace and automobile industries. The calibration of a corresponding photogrammetry system is the basis for ensuring the accuracy of photogrammetry. The dynamic and static calibration of existing photogrammetry systems has not yet established a system calibration specification or standard, and such calibration has mainly focused on the internal and external parameters of the camera used in a photogrammetry system. The calibration of static parameters cannot fully guarantee the dynamic performance of a photogrammetry system in the process of measuring dynamic targets or micro-deformations. Aiming at the problem of dynamic parameter calibration of photogrammetry systems, this paper proposes a dynamic calibration method based on a circular trajectory standard device, which can realize the calibration of parameters, such as dynamic length measurement error, and ensure an accurate evaluation of the dynamic measurement performance of photogrammetry systems.