In order to provide high-precision, high-reliable positioning, navigation, timing and other services for various users, a GPS/BDS dual-mode dual-frequency receiver based on ARM+FPGA is designed which is embedded a real-time precise point positioning software. The power and radio frequency module of the receiver are briefly introduced. Aiming at the problem of positioning interruption caused by overage of correction difference age and mismatch of IODE between real-time correction number and broadcast ephemeris, The corresponding solutions are given. Finally, the long-time test of real-time GPS/BDS PPP shows that the horizontal deviation RMS is 2.1 cm and the elevation deviation RMS is 3.6 cm under static condition, the horizontal deviation RMS is 12.6 cm and the elevation deviation RMS is 14.7 cm under dynamic condition.