Abstract: High-precision and high-stability measurement is an essential approach for situational awareness of space targets, such as high-precision orbit determination, attitude determination, etc. Satellite Laser Ranging (SLR) technology has been developed for more than 60 years, and its accuracy and stability have been continuously improving, the laser pulse width and the jitter of single-photon detectors in the SLR systems are important factors limiting the improvement of ranging accuracy. In this study, a high-stability industrial-grade 532 nm picosecond laser and a high-quantum efficiency MPD single-photon detector (SPAD) are used in the SLR system of the Shanghai Astronomical Observatory. The pulse width of the laser is ~15 ps; the jitter of SPAD is less than 35 ps and the quantum efficiency is about 50%, a matched aspheric len is applied for the SPAD. The measurement accuracy of ground targets is improved from 6-8mm to 2-3 mm, and the satellite measurement accuracy is enhanced from the optimal 6-10 mm to 2-4 mm, meeting the 24-hour measurement requirements of low-orbit, high-orbit, and geosynchronous orbit satellites. Specifically, the measurement accuracy of the BeiDou Compassg8 satellite in the geosynchronous orbit (36000 km) reaches 1.9 mm, which shows significant improvements in system ranging accuracy and long-term operational stability. Continuous day-and-night routine SLR observations are carried out at a repetition rate of 5 kHz, and the data are sent to the International Laser Ranging Service (ILRS). Based on the one-year measurement data from July 2024 to June 2025, the annual average ranging accuracy of ground targets reaches 2.4 mm; the normal point accuracy of the lageos satellite reaches 0.9 mm; the short-term stability of orbit evaluation data for the lageos satellite is 5.8 mm; and the long-term stability is 2.1 mm. These results indicate that the quality of SLR ranging data has been improved, ranking among the top in international SLR stations and achieving the best level among domestic SLR systems. Thus it provides an effective approach for high-precision measurement of space targets.