The invention discloses a dual-wavelength superheterodyne-interference wide-range high-precision real-time displacement measuring system and method. The system is composed of two lasers between which the wavelength difference is deltalambda, three polarization splitting prisms, four splitting prisms, two acousto-optic modulators, four 1/4 waveplates, five planar mirrors, three Polaroids, a super-narrowband filter plate, two large-bandwidth transimpedance photoelectric detectors, two low-bandwidth high-sensitivity photoelectric detectors, a reference reflector, a measured reflector, a signal processing circuit and a host computer. According to the invention, a synthesized wavelength interference signal generated by dual wavelengths is used to improve the measuring range of the system, so that the measuring range of the system is greater than the range of single-wavelength interference; a superheterodyne interference method is used to demodulate and filter output signals, the phase of the synthesis wavelength can be measured directly, and real-time measurement is realized; and the super-narrowband filter plate is used to collect single-wavelength interference signals, and the precision of single-wavelength interference measurement is ensured while the measuring range is widened.