In the external target experiment for heavy ion collisions in the HIRFL-CSR, Multi-Wire Drift Chambers are used to measure the drift time of charged particles to obtain the track information. This 128-channel high precision time measurement module is designed to perform the time digitization. The data transfer is based on a PXI interface to guarantee a high data rate. Test results show that a 100 ps resolution with a data transfer rate up to 40 MBps has been achieved; this module has also been proven to function well with the detector through a commissioning test.