The invention relates to a co-aperture emission and correction telescope combining the Rayleigh beacon and the sodium beacon. The telescope is formed by a sodium yellow-light laser, a beacon upstream light beam real-time compensation system and an emission telescope. The sodium yellow-light laser gives out laser of 589 nm so as to form the sodium beacon in a sodium layer in high-altitude excitation atmosphere of about 90 km, and generate the Rayleigh beacon in low altitude lower than 25 km. A low-density deformable reflection mirror and an inclining reflection mirror in the real-time compensation system carry out pre-correction on beacon upstream light beams, thereby achieving optimization of sodium beacon light spot shapes excited in the high-altitude atmosphere. The real-time light beam compensation system is mainly formed by the deformable reflection mirror, the inclining reflection mirror, a light splitting mechanism, a Rayleigh beacon wavefront detector and a wavefront controller. In this way, problems of expansion of sodium beacon shapes and inaccuracy of wavefront detection caused by poor observation address conditions and quite low observation angles of a telescope are solved and the telescope is characterized by compact structure, wide application range and easy achievement.