Addressing the prevalent issues of low accuracy, low efficiency, and poor image quality in online diameter measurement of large-sized stepped shafts, this study introduces a novel method based on a symmetrical dual-telecentric optical path utilizing dual CCDs, specifically designed for step shafts with diameters ranging from 600 mm to 800 mm. By developing and optimizing an imaging system grounded in the object-image dual-telecentric optical path principle and employing Zemax software for comprehensive analysis and optimization, this research achieves significant findings. The system’s Airy disk radius is calculated at 3.204 μm; the modulation transfer function (MTF) remains above 0.6 across various fields of view at a spatial cutoff frequency of 71.4 lp/mm, with smooth MTF curves; the field curvature is confined within 0.1 μm; and the distortion is maintained below 0.1%, fulfilling high-quality imaging requirements. Additionally, a tolerance analysis is conducted to ensure the system’s stability and reliability. Applied to an experimental setup for measuring the diameter of large-sized step shafts, the system demonstrates an improved measurement precision of 0.02 mm. This research offers a robust technical solution for the high-precision online measurement of large stepped shaft diameters, presenting significant practical implications for enhancing productivity and product quality.