Understanding and measuring the displacement characteristics of piezoelectric ceramic with electric field exciting are particularly important. The piezoelectric coefficient d33 as the indication of its displacement characteristics, is the key parameter of its energy transformation. In this paper, the characteristics of two kinds of piezoelectric ceramics, PZT4 and PZT5 were studied by the laser interferometer measurement. The influence factors of d33 were studied, including the frequency and amplitude of the exciting signal, the ways of holding, and the loading sequence. Then the measurement results of piezoelectric ceramic with laser interferometer and the quasi-static method were compared, the results showed they had consistence and the analysis of the piezoelectric coefficient d33 measurement by converse piezoelectric effect and by piezoelectric effect was discussed.