Pulse code modulation (PCM) technique has high ability of anti-jamming and has been widely used in ground test and flight test of spacecraft. To monitor the running state of the spacecraft, it is necessary to receive and display PCM data in real-time in the test process. A design method of PCM data real-time receiving system based on LabVIEW is presented. The real-time receiving and displaying of PCM data are realized by combining the data receiving card with the host computer program. The verification shows that the system can meet the requirement of spacecraft ground test.