Aiming at the problems of poor versatility, complex design and low code rate of traditional missileborne telemetry communication system equipment, this paper adopts QPSK (Quadrature Phase Shift Keying) modulation and demodulation algorithm with high frequency spectrum utilization and strong anti-interference ability. The integrated telemetry system of software radio zero intermediate frequency transceiver of AD9364 and ZYNQ-7000 is built. The system performs QPSK modulation on the data collected and programmed by PCM coder, and transmits the data from PL(Programmable Logic) terminal to AD9364 through LVDS data interface. After mixing, upconversion, filtering and other processing in the chip, the system sends the data through antenna. Antenna can receive telemetry data back, after AD9364 down conversion, filtering, transmission to PL terminal for demodulation, carrier synchronization, complete the whole telemetry system transceiver process. In order to realize the accurate tracking of frequency skew signal, the second order frequency locked loop is used to assist the third order phase-locked loop and a new COSTAS loop is proposed to improve the phase detection accuracy. By building a telemetry test system and testing the transmission distance and analysis results of the telemetry system, the code rate of 10 Mbps high transmission is realized, and the transmission distance can reach more than 13 km.