A cavity ring-down apparatus and method is provided for measuring the reflectivity of highly reflective mirrors. The apparatus comprises an optical ring-down cavity including three highly-reflective mirrors whose frequency-selective optical transmission is retro-reflected into the oscillator cavity of a continuous-wave semiconductor laser, creating a change of output spectrum of said laser and enhancing the coupling coefficient of the laser power into the optical ring-down cavity. The drive current/voltage of the semiconductor laser is modulated by a square-wave function output by a function generation card. Thus the laser beam is suddenly switched off at the negative step of the square-wave signal periodically. Immediately after switching off the laser beam, an exponential decay signal of the ring-down cavity is measured by a photo detector and used to determine the decay time of the cavity and the reflectivity of highly reflective mirrors.