To achieve an on-orbit service mission, the mission spacecraft must approach the target spacecraft first, which is based on the spacecraft’s relative motion. To enhance the safety and reliability of on-orbit service missions, the relative hovering orbit was proposed and needed to be studied further. A high-precision design method for hovering orbit is presented based on the relative dynamics model of spacecraft in this paper. Firstly, based on the stability analysis of the spacecraft relative dynamics model, a method to determine the initial value of periodic relative motion orbit is explored, and an example is given to verify the validity of the method. Then, through theoretical analysis, the formulae of control acceleration required during the hovering flying mission were put forward for both without considering perturbation and with considering J2 perturbation, and numerical simulations for hovering orbit were made to verify the feasibility of the approaches proposed. Simulation results show that the control acceleration curves are smooth, which indicates that the hovering flying mission is easier to achieve, and the control method based on sliding mode control theory is adopted for hovering control. The relative hovering method proposed can provide references in space on-orbit service missions for practical engineers.