The invention relates to image processing technology and specifically to a color space transformation method based on a FPGA. The method comprises the following steps of: S1, converting a video image acquired by a camera into a 16-bit digital signal by an AD acquisition module; S2, converting the 16-bit digital signal into an R signal, a G signal, and a B signal by a quantified compensation method; and S3, inputting the R signal, the G signal, and a the signal into to a transformation module, and outputting a component H, a component S, and a component V in cooperation with a call of a floating multiplication and division arithmetic unit. The color space transformation method is based on the FPGA, achieves transformation from a RGB color space into a HSV color space, increases the response speed of a system, decreases consumption of a system logic unit, and greatly improves the operating stability of the system, achieves higher implementation rate than the C/C++ language of a PC platform, greatly enhances a capability of processing multiple pixel bits in parallel, and may stably process a dataflow with a resolution 640*480 and 60 frames per second.