An operating method of a card reader supporting high-speed data communication. The method comprises: if a card reader determines that a first in-place flag is not valid, then the card reader sends a card query instruction in a contactless field, sends a speed adjustment configuration instruction to a contactless card upon receiving of query response data returned by the contactless card, and determines whether response data indicating successful speed adjustment configuration and returned by the contactless card is received; and if so, then the card reader configures communication speeds thereof, such that a received first instruction is sent to the contactless card with a first communication speed, and an operation result returned by the contactless card is received with a second communication speed, otherwise the card reader configures the communication speeds thereof, such that a received first instruction is sent to the contactless card with a third communication speed, and an operation result returned by the contactless card is received with a fourth communication speed, wherein the first communication speed is greater than the third communication speed, and the second communication speed is greater than the fourth communication speed. The above method can shorten interaction time between a contactless card reader and a contactless card, thereby improving user experience.