Camera calibration is crucial for geometric vision-based three-dimensional (3D) deformation measurement tasks. Among existing calibration techniques, the one based on planar targets has attracted much attention in the community due to its flexibility and reliability. Our study proposes a calibration technique to obtain high-accuracy internal and external parameters based on low-cost ordinary planar patterns. The proposed method determines the optimal internal parameters for each camera by refining 3D coordinates of planar control points, where an analytic model of optics distortion is presented to enable lens distortion to be corrected directly in subsequent external calibration and underlying 3D reconstruction. External parameters are estimated by minimizing a bundle adjustment framework, which is carefully designed based on the proposed distortion correction model and depth parameterization. In contrast to the existing techniques, the proposed method is capable of obtaining a high-accuracy calibration with ordinary targets rather than the well-designed and fabricated ones. We experimented the proposed method with a calibration performance analysis and a displacement measurement; both results demonstrated the accuracy and robustness.