In this paper，a kind of implementation scheme for a high-speed traveling wave ranging acquisition system based on ZYNQ is proposed by studying a distributed traveling wave ranging system based on electronic transformers，and the key technologies for its implementation are studied. Firstly，the implementation principle and system architecture of the high speed acquisition unit are introduced. A method of high-speed AD data DMA interaction between CPU and FPGA is implemented through the AXI bus inside ZYNQ；Then，the problem of affecting travelling wave ranging acquisition due to uneven AD sampling is solved by way of designing residual averaging algorithm；Finally，a kind of phase adjustment algorithm achieved by FPGA is proposed which can，at the same time of effectively eliminating travelling phase error，reduce greatly CPU calculation load. Both accuracy and reliability of the product have reached advanced level in China through network operation and testing.