The invention relates to a two-way ranging and time comparison processing terminal which is characterized in that: the processing terminal comprises a frequency benchmark, a radio frequency front end, a noise source, a frequency synthesis, a transmitting channel, a receiving channel, a medium frequency signal processor, a machine case, a display and control system, a power source distributor and a LAN switching module, wherein the configuration of the entire processing terminal is a 4U machine case postnotal plate joint interconnecting structure fastened by a standard machine cabinet; the frequency benchmark, the transmitting channel, the receiving channel, the medium frequency signal processor and the power source distributor are arranged inside a standard 4U machine case; the display and control system, which is realized through the configuration of an external notebook computer and display and control software, is in interaction with the outside through the LAN switching module. The entire processing terminal has simple equipment and high integration level; communication, ranging and time comparison are completed inside a unified channel, thereby saving frequency band resource; a pseudo code ranging system is adopted to ensure high ranging precision; moreover, the processing terminal, which has the functions of simulating dynamic state and time delay inside the transmitting channel, is used to realize the quantitative detection of the performance of a receiving terminal.