The invention relates to an optical comb and signal modulation multiplexing terminal and method capable of being used for distance measurement and communication integration. A terminal includes: a terminal; The system comprises a control unit, a signal light source, a beacon light source, a femtosecond optical comb module, an optical coupler A, an optical coupler B, a photoelectric detection module A, a photoelectric detection module B, an electric amplifier, an electric phase-locked loop, a signal modulation and demodulation module, an optical light path, a pointing alignment system, a spectroscope A, a spectroscope B, a spectroscope D, a telescope system, a reflector C, a CCD camera and a servo driver. And by adjusting the light emitting power of the optical comb signal of the transmitting end, the transmitting end obtains a precise distance measurement signal between the two terminals so as to ensure the distance measurement function. According to the invention, the optical comb isused as the basis of inter-satellite precise distance measurement, the inter-satellite precise distance measurement and broadband communication are simultaneously realized by adopting one set of lightbeam tracking and aiming device, the reliability and the multifunction are high, and the flexibility of a future space optical network can be improved.