This paper introduced a new method of designing on the velocity measuring system of initiating explosive devices. We designed multiple selectable targets using the principle of photoelectric conversion. When the object passed through the targets, two pulses would generate separately. Through counting the spacing interval of the two pulses, we could calculate the mean velocity of the object passing through the targets, and revise it into the muzzle velocity. This paper designed the structure of photoelectric targets and circuits of the measuring system, also processed revising and error analysis of the measurement result. The system designed in this paper has the features of simple, reliable, high accuracy, good dynamic response, easy to disassemble and maintain, and is suitable for various environment with the reducing of the errors and inconvenience of traditional velocity measurements.