Bayer filter color cameras are more and more widely used in the field of aerospace remote sensing, but the Bayer filter causes great degradation in image quality; therefore, obtaining a means of achieving the high-precision measurement of the modulation transfer function (MTF) of Bayer filter color cameras is an urgent problem. In order to solve this problem, this paper develops a slanted-edge method via three steps: the detection of the slanted edge, the acquisition and processing of the edge spread function (ESF), and the acquisition and processing of the line spread function (LSF). A combination of the Canny operator and Hough transform is proposed for the detection of the slanted edge, which improves the fitting accuracy and anti-interference ability of the algorithm. Further, the Canny operator is improved by constructing an adaptive filter function and introducing the Otsu method, which can more effectively smooth the image and remove its false edges. A method of processing ESF data by combining cubic spline interpolation and Savitzky–Golay (SG) filtering is proposed, which reduces the effects of noise and the non-uniform sampling of ESF on MTF. A method of LSF processing using Gaussian function fitting is proposed to further reduce the effect of noise on MTF. The improved algorithm is verified by the MTF measurement test applied to a specific type of Bayer filter color space camera. The simulation and test results show that the improved slanted-edge method discussed in this paper has greater precision and a better anti-interference ability, and it can effectively solve the difficult problem associated with MTF detection in Bayer filter color space cameras.