Magnetic rings are the most widely used magnetic material product in industry. The existing manual defect detection method for magnetic rings has high cost, low efficiency and low precision. To address this issue, a magnetic ring multi-defect stereo detection system based on multi-camera vision technology is developed to complete the automatic inspection of magnetic rings. The system can detect surface defects and measure ring height simultaneously. Two image processing algorithms are proposed, namely, the image edge removal algorithm (IERA) and magnetic ring location algorithm (MRLA), separately. On the basis of these two algorithms, connected domain filtering methods for crack, fiber and large-area defects are established to complete defect inspection. This system achieves a recognition rate of 100% for defects such as crack, adhesion, hanger adhesion and pitting. Furthermore, the recognition rate for fiber and foreign matter defects attains 92.5% and 91.5%, respectively. The detection speed exceeds 120 magnetic rings per minutes, and the precision is within 0.05 mm. Both precision and speed meet the requirements of real-time quality inspection in actual production.