The invention provides a real-time processing method for cancellation of direct wave and clutter of an external radiation source radar on a graphic processing unit (GPU), a high-efficiency parallel processing process is built, and the real-time processing capacity of an algorithm is improved. The method comprises the steps: (1), conducting parallel processing on signal in a section mode, and sectioning a signal to be processed in T seconds; (2) adopting a BLMS method to conduct cancellation processing on the signal of each section, wherein the signal of each section is parallel processed through the step (1); (3) adopting the GPU to conduct parallel processing on the signal, processed through the step (1), of each section, conducting processing on data in each section through a fast Fourier transform (FFT) algorithm in a multithreading mode, removing an overlapping region on an output result, conducting splicing, at the same time, outputting a filter coefficient of a last block of data, and serving the filter coefficient as an initial weight coefficient of subsequent data processing; and (4) serving an iterative finally-obtained filter coefficient w (n) as an initial filter weight value of data in a next second, namely, iterating the data of a first section for K times, and processing the subsequent data only once.