The invention relates to a processing process of high-modulus low-shrinkage high-colour-fastness polyester filament yarn by direct melt spinning and real-time injection. By the special design of steps including subjecting a polyester raw material to shrinkage reducing processing, performing modulus-increasing blending and melting melt processing, performing low-frequency real-time compression and injection, subjecting the melt to multi-stage direct-melting and spinning, passing through a filter screen, spinning, cooling, applying oil, stretching, and the like, and by special optimization of related parameters, the technical difficult problems of fiber in the prior art, namely low modulus, low strength and poor natural-color fasteness are overcome, and the objective of purification, high color fasteness, high modulus and low shrinkage is achieved. Under the obvious improvement on the high color fasteness, the high modulus and the low shrinkage which are good properties, stability, thermal resistance, resistance to hot water, elasticity resilience, elongation and homogeneity are largely improved.