The invention discloses an integrated calibration method of a satellite-borne photographic surveying system based on bundle adjustment. According to the method disclosed by the invention, a relatively stable inner structure geometrical relationship of a satellite photographic surveying system is used for constructing a geometrical relationship of a satellite-borne air-to-ground camera, satellite positioning observation equipment and satellite attitude observation equipment in the system, and an error equation of various original observation values of satellite is obtained, so that an integrated calibration adjustment model of the a satellite photographic surveying system is established; high-precision estimation of geometrical parameters of a system structure is realized, so that influences, caused by system parameter errors, in an air-to-ground target positioning process, are effectively compensated.