To contribute to future laser ranging we have developed the Pico Event Timer (PET), consisting of two, or more, Event Timing Modules, Clock Generator Module, Input Trigger Module, Control Unit, Range Gate Generator, Microprocessor Module and the Software Package. The Pico Event Timer is designed and constructed entirely for the purpose of millimeter precision laser ranging to Satellites and the Moon. Timing Modules provide the picosecond event timing, Clock Generator Module supplies the precise clock frequency for timing, the Gate Generator Module maintains the smart arming and gating of the entire timing system. The Microprocessor Module equipped with a powerful operating system dedicated for parallel processing provides a real time control of the device, evaluates in a real time the gating epochs, identifies the measurements pairs and controls the data flow between the PET device and the host computer. The PET has been employed at five laser ranging stations for millimeter precision, two wavelength satellite laser ranging and for calibration reference purposes.