Abstract: The research aims at assessing the relationship between the excitation light intensity and the image signal of the all optical high-speed camera system based on the transient grating and the viability of establishing a high-speed camera based on InP. This paper theoretically analyzes the physical quantity relationship of photons and excited carriers, carrier concentration and refractive index, refractive index and diffraction efficiency. In experiments, the image detection system based on collecting diffracted light was established to obtain the transient grating distribution in InP. Theoretical results provide the relationship between excitation light intensity and carrier concentration when the semiconductor is InP, the relationship between carrier concentration and refractive index when the wavelength of the probe beam is 1064 nm, and the relationship between refractive index and diffraction efficiency when the transient grating is rectangular grating. Theoretical results also indicate that the sensitivity of the all optical high-speed camera with 1 ps time resolution based on InP and a probe beam of 1064 nm is about 1.3105 Wcm-2 when it is excited by the photons of 532 nm bean. Experimental results indicate that it is viable to establish all optical high-speed camera system based on InP and 1064 nm beam. According to the image obtained in experiments the spatial resolution of the system is better than 5.04 lp/mm.