The invention discloses a real-time GNSS/INS (global navigation satellite system/inertial navigation system) combined navigation signal simulator based on a PXI (PCI extensions for instrumentation) bus and relates to a real-time GNSS/INS combined navigation signal simulator in the navigation field. The simulator comprises a time-frequency signal processing unit, a user signal generating unit, the PXI bus, a PXI slot-0 controller, a rubidium clock and the like; the user signal generating unit is composed of multiple frequency-point signal generating modules, a radiofrequency signal combiner, a power divider, a power attenuator and the like. The PXI bus technique is used in system structuring, configurability and extensibility are excellent, the simulator is imparted multi-navigation system multi-frequency GNSS/INS navigation signal simulation capacity by selecting parts, especially the multi-user GNSS/INS combined negation signal simulation output capacity, and the need of the navigation field for real-time testing of GNSS, INS and GNSS/INS combined navigation signals is fully met.