At present, there is a problem that the measurement accuracy and measurement range cannot be balanced in the measurement of shaft diameter by the machine vision method. In this paper, we propose a large-scale shaft diameter precision measurement method based on a dual camera measurement system. The unified world coordinate system of the two cameras is established by analyzing the dual camera imaging model and obtaining the measurement formula. In order to verify the validity of the proposed method, two black blocks in the calibration plate with a known center distance of 100 mm were measured. The mean value was 100.001 mm and the standard deviation was 0.00039 in 10 measurements. Finally, the proposed system was applied to the diameter measurement of a complexed crankshaft. The mean μ95 values of CMM and the proposed method were ±1.02 μm and ±1.07 μm, respectively, indicating that the measurement accuracy of the proposed method is roughly equal to the CMM.