A mechanical displacement flowmeter calibrator has a first fluid line external of the measuring cylinder of the calibrator connected between the inlet and outlet thereof. A flow meter that produces flow-representative pulses is connected in the fluid line. A rod is connected to a measuring piston adapted to travel through the measuring cylinder as a fluid barrier. The rod drives the measuring piston through the measuring cylinder at a predetermined, constant speed and thereby determines the flow rate of the calibration. The displacement of the measuring piston is sensed as it travels through the measuring cylinder during a test run, while the pulses produced by the flowmeter are counted during the time interval in which the piston displaces a given volume. The flowmeter is preferably connected in the fluid line at the pressure null point. First and second annular edge seals around the periphery of the measuring piston form an annular cavity into which pressurized fluid, preferably a lubricant, is injected. Before a test run, fluid flow in a second fluid line, external of the measuring cylinder, is induced, thereby establishing a closed loop around the first and second fluid lines and the measuring cylinder. To initiate a test run, fluid flow through the second fluid line is blocked to operate the measuring piston. Simultaneously therewith, the measuring piston is driven through the measuring cylinder from end-to-end to execute a test run.