There has long been a need for optically tracking a moving object, which could be a free-falling object, wherein the image is formed at a constant magnification during the tracking period. For example, glass-enclosed nuclear fuel pellets are created during a free-fall period in which glass is formed around a nuclear fuel. It is highly desirable to be able to obtain images of the formation process of a pellet at various points thoughout the free-fall path, or even preferably to obtain a continuous image of the pellet. In order to make real time interpretations more meaningful, and subsequent photographic analysis more accurate, it is desirable that the tracking system have a constant magnification at all points along the free-fall path of the pellet, thereby eliminating adjustment of the various photographic images to compensate for the distance that the pellet has fallen. Also, a constant magnification tracking system would allow motion pictures showing the formation of the pellet to be obtained without any magnification adjustments. The invention satisfies the above need by providing a system and method wherein a free-falling object can be observed with constant magnification throughout the free-fall period.