The High Precision Magnetometer (HPM) is one of the main payloads onboard the China Seismo-Electromagnetic Satellite (CSES). The HPM consists of two Fluxgate Magnetometers (FGM) and the Coupled Dark State Magnetometer (CDSM), and measures the magnetic field from DC to 15 Hz. The FGMs measure the vector components of the magnetic field; while the CDSM detects the magnitude of the magnetic field with higher accuracy, which can be used to calibrate the linear parameters of the FGM. In this paper, brief descriptions of measurement principles and performances of the HPM, ground, and in-orbit calibration results of the FGMs are presented, including the thermal drift and magnetic interferences from the satellite. The HPM in-orbit vector data calibration includes two steps: sensor non-linearity corrections based on on-ground calibration and fluxgate linear parameter calibration based on the CDSM measurements. The calibration results show a reasonably good stability of the linear parameters over time. The difference between the field magnitude calculated from the calibrated FGM components and the magnitude directly measured by the CDSM is just 0.5 nT (1σ) when the linear parameters are fitted separately for the day-and the night-side. Satellite disturbances have been analyzed including soft and hard remanence as well as magnetization of the magnetic torquer, radiation from the Tri-Band Beacon, and interferences from the rotation of the solar wing. A comparison shows consistency between the HPM and SWARM magnetic field data. Observation examples are introduced in the paper, which show that HPM data can be used to survey the global geomagnetic field and monitor the magnetic field disturbances in the ionosphere.