The present invention relates to a measurement calibration method of a three-dimensional photoelectric vibration measuring instrument system and a key circuit calibration device of the three-dimensional photoelectric vibration measuring instrument system. A measurement calibration mode that a traditional standard vibration table excitation method is adopted to perform measurement calibration on a three-dimensional photoelectric vibration measuring instrument is limited by a vibration table, and the measurement frequency and amplitude of the traditional standard vibration table excitation method are limited. According to the measurement calibration method of the present invention, electrical signal excitation is used to replace actual physical quantity excitation to perform measurement calibration on the photoelectric vibration measuring instrument, that is, FM signals are directly connected into the input ends of the corresponding signal acquisition and processing circuits of the three-dimensional photoelectric vibration measuring instrument to replace physical quantity excitation on the basis of a heterodyne laser interference principle, and therefore, the calibration of the measuring range, linearity, sensitivity, phase shift, delay, rise time, distortion and other parameters of the three-dimensional photoelectric vibration measuring instrument can be realized. With the measurement calibration method and calibration device of the invention adopted, the measurement of the three-dimensional photoelectric vibration measuring instrument system is more accurate, more efficient and more convenient.