The invention provides a real-time simulation method of a photovoltaic power generation system. The method comprises: a current system variable of a photovoltaic power generation system is obtained and the current system variable is inputted into a DSP controller module to generate a PWM pulse signal; according to the PWM pulse signal and the current system variable, the photovoltaic power generation system including a photovoltaic battery array, an inverter, and a three-phase alternating-current grid is simulated based on a dSPACE real-time simulator and a current simulation result is obtained; and the current system variable is updated by using a real-time system variable in the current simulation result, thereby simulating the photovoltaic power generation system in real time. The provided simulation method is a semi-hardware simulation method; and with the method, the simulation cost can be reduced and the simulation accuracy can be improved.