The invention discloses a single-line time service and time keeping method based on a global navigation satellite system (GNSS). The method comprises the following steps of S1, receiving a satellite signal by a GNSS receiver; S2, performing down-conversion and A / D conversion on the satellite signal; S3, capturing, tracking and demodulating satellite signals to obtain original message information; S4, decoding to obtain a measured value and navigation message information of the satellite; S5, performing PVT calculation to obtain the position, speed and time information of the GNSS receiver; S6, performing time service and time keeping processing on the GNSS receiver; and S7, the GNSS receiver outputting positioning information and time service information. According to the method, GNSS navigation and time service functions are provided at the same time, navigation, positioning information and time service information of a GNSS receiver are outputted and broadcasted through the same serial port, so the equipment obtains accurate time information while obtaining the positioning information, and a serial port is saved for the equipment.