The invention discloses an RT-LAB based microgrid simulation testing system. The system comprises an RT-LAB simulation system, a DSP physical system, a power amplifier, a microgrid physical simulation system and a microgrid monitoring system; the RT-LAB simulation system is used for building microgrid and distribution network simulation models and providing a real-time simulation environment; the DSP physical system is used for producing a control signal to a converter circuit built in the simulation system; the power amplifier is used for connecting the RT-LAB simulation system and the microgrid physical simulation system; the microgrid physical imitating system is used for forming a digital physical microgrid with the RT-LAB simulation system and accepting the monitoring and dispatching control of the monitoring system; the microgrid monitoring system is used for monitoring the DSP physical system, a microgrid digital simulating model and the physical simulation system. According to the system, the microgrid and distribution network simulating models are built on the RT-LAB, the microgrid physical simulation system is provided, so as to truly simulate the running states of a power system and the microgrid; the system has the advantages of real-time simulating, online parameter adjusting, and being rich in interfaces, rich in testing type, flexible to switch the testing mode, simple to operate, safe and reliable, efficient and economical.