A novel stereo photography method is developed for ocean wave measurement, and the mathematical model and algorithm are also developed. A new exterior calibration technique is built by the least square method in combination with the sea wave theory. Compared with the conventional calibration technique, the present method does not need the sea control points are not needed. Thus, this novel stereo photography method can easily be extended to the measurement the sea waves on a mobile platform. The laboratory experiments show that the stereo photography system proposed in the present paper is accurate and can be used to measure Gravity-Capillary waves. Meanwhile, from the outfield experiments we can also find that our method is feasible to measure large-scale ocean wave and the measured area (overlay) is up to 104 m2.