The invention relates to a space camera flutter analysis method based on a target image. The method comprises the steps that an imaging system is built at first, black and white rectangular targets comprising the specific space frequency and high contrast are placed on a collimator focal plane, the targets are illuminated by a high-stability uniform light source to be used as object targets, and are imaged on a camera focal plane through a collimator and a space camera to form clear target images, the gray scale centroid method is adopted for analysis, and an accurate image shift deflection amount is obtained. According to the space camera flutter analysis method, image analysis is combined with the optical measurement fundamental, the image shift is directly measured on an image, the influence of flutter on space camera imaging is directly analyzed, the image shift deflection amount is obtained for the first time, the gap in the prior art is filled, and the basis is provided for analyzing the influences on satellite imaging quality and finally improving and maintaining the satellite imaging quality.