Collinear calibration is a typical and common method for a laser (heterodyne) interferometer, but it usually suffers from the influence of the tilt of the target retroreflectors and the dissymmetry of the optical paths during the calibration. This paper mainly analyzes and models the calibration error caused by the tilt error of the target retroreflectors and reveals the error source that is the disturbance from the rotary error of the guideway slider pair. Experimental results prove the validity of the analysis and model of the calibration error. The calibration error is up to 0.5 μm when the tilt error is 0.36°, which is large enough to equal the maximum tolerance of laser interferometer (0.5 μm) in use.