This paper proposes a non-contact current measurement method for three-phase rectangular busbars based on TMR (tunneling magneto-resistance) sensors, due to their advantages of large dynamic range, wide bandwidth, light weight, and easy installation. A non-contact current sensor composed of only three TMR sensors is developed and the TMR sensors are respectively placed at a location with a certain distance from the surface of each rectangular busbar to measure the magnetic fields generated by the busbar currents. To calibrate the developed current sensor, i.e., to establish the relationship between the magnetic fields measured by the TMR sensors and the currents flowing in the three-phase rectangular busbars, we designed a thyristor-controlled resistive load as a calibrator, which is connected to a downstream branch of the distribution cabinet. By switching the resistive load, a calibration current, which can be identified from the background current, is generated in one rectangular busbar and its value is measured at the location of the calibrator, and transmitted wirelessly to the location of the TMR sensors. A new and robust method is proposed to extract the voltage components, corresponding to the calibration current, from the voltage waveforms of the TMR sensors. By calculating the proportional coefficients between the calibration currents and the extracted voltage components, online calibration of the current sensor is achieved. We designed and implemented a current measurement system consisting of a current sensor using TMR sensors, a thyristor-controlled resistive load for current sensor calibration, and a data acquisition circuit based on a multi-channel analog-to-digital converter (ADC). Current measurement experiments were performed in a practical distribution cabinet installed in our laboratory. Compared to the measurement results using a commercial current probe with an accuracy of 1%, the relative error of the measured currents in RMS is less than 2.5% and the phase error is less than 1°, while the nonlinearity error of the current sensor is better than 0.8%.