A new 5-DOF flexible coordinate measuring machine (CMM) is introduced in this paper, which uses REVO system produced by Renishaw. According to the D-H method, the mathematical model is built, and then the error model of the flexible CMM is derived. The parameter calibration based on the nonlinear least square method is analyzed theoretically. Due to the disadvantages of Gauss-Newton method, LM method is researched, which improved the singularity of the coefficient matrix. The calibration analysis is a basis for improving accuracy of the flexible CMM.