In this paper,we present a new stabilized finite element method for transient Navier-Stokes equations with high Reynolds number based on the projection of the velocity and pressure.We use Taylor-Hood elements and the equal order elements in space and second order difference in time to get the fully discrete scheme.The scheme is proven to possess the absolute stability and the optimal error estimates.Numerical experiments show that our method is effective for transient Navier-Stokes equations with high Reynolds number and the results are in good agreement with the value of subgrid-scale eddy viscosity methods,Petro-Galerkin finite element method and streamline diffusion method.