Provided are a packet scheduling system and method capable of fair link resource distribution among a plurality of sessions requesting transmissions to an identical output link in input and output interfaces of a node in a high-speed packet exchange network such as an ATM network or the Internet. The packet scheduling system uses a traffic classifier which classifies traffic input from a plurality of input links, for each session; a central management unit which manages the agreed speed for each session and the virtual time of a system; a virtual finish time calculation unit which in response to the agreed speed and the system virtual time, calculates the virtual finish time of each packet for the traffic and attaches the calculated virtual finish time to the head of the packet as a time stamp. A packet queue which stores the packet sent by the virtual finish time calculation unit, for each session; and a packet transmission unit selects and outputs a packet having a shortest virtual finish time among packets stored in the packet queue.