A fast exchange device at the end of space robot is developed, which can implement the fast exchange of tools and payloads. The device can accomplish capture & locking of the end tools and upheaving of electric connectors synchronously. Its torque export interface can provide power input for the end tools or payloads. The geometrical layout condition, dynamic condition and position & gesture tolerance condition are considered, and the key parts are designed optimally. A layered embedded control system is adopted in the electric system, and motor's driver and controller boards and transducer's signal collection module are introduced. The tolerance capability are analyzed and verified through virtual simulation platform. Based on a 4 DOF (degree of freedom) manipulator experiment platform, static insertion test is carried out. The obtained results are consistent with theoretical analysis and simulation.