The invention relates to the research field of a microgravity simulating platform of a space robot, in particular to a microgravity air floatation target satellite simulator system with five degrees of freedom. The system consists of three parts, namely a movement simulator, a satellite simulator and a ground control panel. The movement simulator simulates the states of zero gravity, low friction and micro interference of a base satellite; the satellite simulator has a basic single-shaft attitude adjustment and track control function under a condition that a satellite provided by the movement simulator is in a track movement simulating environment, comprises a sensor, a controller and an actuating mechanism (a counteractive flywheel and a cold gas injecting system), and is provided with auxiliary systems such as a power system, a wireless communication assembly, a structural component and the like; and the ground control panel provides a basic function of the wireless data communication between a target satellite and the ground, and realizes the control on the target satellite and the receiving, storage and display of the data.