A real-time multi-channel EEG signal processor based on an on-line recursive independent component analysis is provided. A whitening unit generates covariance matrix by computing covariance according to a received sampling signal. A covariance matrix generates a whitening matrix by a computation of an inverse square root matrix calculation unit. An ORICA calculation unit computes the sampling signal and the whitening matrix to obtain a post-whitening sampling signal. The post-whitening sampling signal and an unmixing matrix implement an independent component analysis computation to obtain an independent component data. An ORICA training unit implements training of the unmixing matrix according to the independent component data to generate a new unmixing matrix. The ORICA calculation unit may use the new unmixing matrix to implement an independent component analysis computation. Hardware complexity and power consumption can be reduced by sharing registers and arithmetic calculation units.