Abstract: Based on the alternative circuit equivalent model of MMC bridge arm, a real-time simulation heterogeneous computing platform based on FPGA to simulate real-time simulation of MMC-containing power system is proposed. The system decouples the MMC circuit from the grid, and realizes the parallel calculation of the equivalent circuits of the main circuit and MMC bridge. In addition, in order to solve the problem of multi-data set reduction of voltage and resistors in the equivalent circuit calculation of MMC bridge arm, an improved packet cyclic accumulating circuit is proposed to realize the rapid merging of voltage and resistance values from different sub-module strings. And optimization strategy of FPGA system is discussed. Finally, the real-time simulation experiment on the heterogeneous platform with MMC-based power system shows that the accuracy and simulation speed of the system have achieved satisfactory results.