Methods and apparatus for adaptive termination calibration of high-speed links. The methods provide a novel termination calibration obtained in conjunction with link training without using an external reference under which the termination resistors for transmitters (Rtx) and receivers (Rrx) are calibrated to the real channel impedance as part of the link training. The techniques may be implemented to optimize high-speed link operation in terms of impedance match between a channel's characteristic impedance and the source termination of a transmitter and the receiver termination of a receiver. During link training, both Rtx and Rrx are adjusted to maximize a peak amplitude of a received signal. Under one approach for bi-directional links, the Rrx for the receivers at both ends of the link are calibrated substantially concurrently. Under another approach, a calibrated Rrx for a first receiver is used for calibrating the Rrx for the second receiver. An Rtx may be set equal to an calibrated Rrx or may be calibrated separately.