The invention discloses a system and method for accurately measuring three-order dispersion of an optical fiber. The system comprises a wide spectrum light source, a light splitting device, an electro-optic modulator, a programmable optical processor, a light merging device, a photoelectric detector, a vector network analyzer and a processor. A passband broadening factor B is calculated by the processor according to system response data of the vector network analyzer, whether the passband broadening factor B exceeds a preset threshold is judged, and if so, the processor iteratively calculatesa dispersion compensation coefficient and continuously controls the programmable optical processor to produce a new compensation baseband signal until the passband broadening factor B does not exceedthe preset threshold. When the calculated passband broadening factor B does not exceed the preset threshold, it indicates that the three-order dispersion value in the optical fiber is accurately compensated, and the three-order dispersion value in the to-be-measured optical fiber is accurately determined according to the final passband broadening factor B in accordance with the relationship between the compensation amount and the residual amount.