The invention discloses an intelligent substation signal generating device fusing network traffic and grid service data. A CPU (Central Processing Unit) module is used for generating network traffic configuration data and a control command, outputting the network traffic configuration data and the control command to a network traffic generating module to generate grid service data, and controlling the grid service data to be sent or not sent to a data fusion module. The network traffic generating module is used for outputting network traffic data to the data fusion module according to the network traffic configuration data under the control of the control command. The data fusion module is used for fusing the grid service data and the network traffic data and outputting the fused data to a code sending module to output the fused data to the outside. By organically fusing the grid service data and the network traffic data, the device can output two types of data signals to a network system of a process layer and a station control layer of an intelligent substation to test the behaviors of the network system of the intelligent substation and network equipment under different traffic, thereby solving the problem that network test equipment and relay protection test equipment adopted in the practical network testing process cannot effectively coordinate the overall network traffic.