Model 3H-2100 High Speed Videography System developed by Zhejiang University has been applied successfully in the field for capturing flying bullet and obtaining flying bullet moving parameters with real-time image processing. While a flying bullet is detected by synchronous device, the system is in the condition of delaying time which can be controlled according to needs. As soon as the flying bullet enters visual field, a series of color flashes for `freezing' bullet images will be given out and the images captured by CCD videography camera will be sent to the computer. Obtaining moving parameters of a flying bullet with image processing and image recognition technique is illustrated chiefly in this paper. After the digital subtraction, binarization and morphological filtering, chain code tracing technique will be adopted to extract characteristic value for image recognition. For chain code tracing, image region will been segmented and the top, the end and the center coordinate of every flying bullet image will be obtained. When these data have been processed by a special software, some moving parameters such as velocities, acceleration, angles of elevation etc. can be obtained in real time.