The rigorous geometric model of ZY03 imagery was constructed using auxiliary data. Then an additional parameter model was constructed on the base of the factors of sensor distortion, pixel size zooming, CCD circumvolution and so on. An orbit model was used to analyse the variational character of exterior parameters. Then a self-calibration bundle block adjustment model was constructed. Using ZY03 reality data, the additional parameter model and orbit model were researched and improved. The influence of different ground control points distributing was also researched. The experiment demonstrated that the planar accuracy and vertical accuracy are better than 0.6 GSD and about 0.5 GSD using right block math model and distribution of GCPS.