The embodiment of the invention relates to the technical field of simulation test, and discloses a wireless multipath fading channel simulation system and a method. The system comprises a host computer, a frequency conversion unit and a baseband processing unit. The host computer comprises a user control unit and a channel coefficient generation unit. The user control unit is used for setting thechannel model parameters, and the channel coefficient generating unit is used for calculating the impulse response coefficient of the channel fading model according to the channel model parameters. The frequency conversion unit is used for converting a radio frequency test signal into a signal of a preset frequency band and transmitting the signal to a baseband processing unit. The baseband processing unit is used for performing multipath delay processing on the signal of the preset frequency band, and calculating the faded baseband signal according to the impulse response coefficient and thesignal of the preset frequency band processed by the multipath delay processing. By adopting the embodiment of the invention, the wireless communication performance of the equipment can be comprehensively tested, the test is convenient and the cost is low.