Photometric correction and reflectance calculation are two important processes in the scientific analysis and application of Chang'E-1 (CE-1) charge-coupled device (CCD) stereo camera data. In this paper, the methods of photometric correction and reflectance calculation were developed. On the one hand, in considering the specificity of datasets acquired by the CE-1 CCD stereo camera, photometric correction was conducted based on the digital number value directly using the revised Lommel-Seeliger factor. On the other hand, on the basis of laboratory-measured bidirectional reflectances, the relative reflectance was then calculated using the empirical linear model. The presented approach can be used to identify landing sites, obtain global images, and produce topographic maps of the lunar surface.