A new system, which can measure the projectile velocity accurately, has recently been developed and successfully applied to a two stage light gas gun of 23 mm in launch tube diameter. This system mainly consists of a magnetic induction part, a digital wave memory device and an automatic treatment system by personal computer. Accuracies in time observation and velocity measurement are 0.03% and about 0.10%, respectively, for the projectiles velocity, from 1 to 6 km/s. The high accuracy is due to the adoption of the techniques in compressed magnetic field designation and the over-zero time treatment of signals.