The introduction of an intersatellite link, also called a crosslink, is considered a promising technique for improving the reliability and integrity of a global navigation satellite system. As one of the most rapidly developing satellite navigation systems, the BeiDou system launched from March 2015 to February 2016 an in-orbit validation constellation that includes two inclined geosynchronous orbit satellites and three medium earth orbit satellites equipped with an intersatellite link in the Ka band. We modeled the intersatellite measurements of BeiDou and evaluated the ranging performance of the intersatellite link based on the analysis of in-orbit measurement data. We used both residual analysis and external data comparison to assess the data. The results show that the ranging precision of the BeiDou intersatellite link is within 10 cm and is determined mainly by the thermal noise of the receiver. Moreover, the drift rate of the group delay of the transceiver channel is within 1 cm per day.