The invention discloses a high-precision TDC based on equivalent segmentation. A second-order time digital conversion structure of equivalent segmentation based on an FPGA is adopted, and the high-precision TDC comprises a first-order delay ring reduction interpolator, a second-order interpolator based on equivalent segmentation, a triggering pulse generation module, a synchronization module, an integer period counter, a data storage module and a delay line phase-locked oscillator. According to the first-order interpolator, the conversion rate of the TDC is increased with a low measurement resolution ratio, the second-order interpolator is composed of multiple delay ring reduction interpolators connected in parallel, by the adoption of an equivalent segmentation method, the measurement resolution ratio is increased, measurement precision is improved, the triggering pulse generation module is used for generating a starting signal and an ending signal for the TDC, the synchronization module eliminates the semi-stable state effect of a register through multiple trigger structures, the integer period counter is composed of multiple counters based on the principle of the shifting register, and the delay line phase-locked oscillator uses feedback for controlling core voltage of the FPGA to stabilize the measurement result of the TDC. The measurement prevision is high, and the conversion rate is high.