The invention provides a transceiver capable of simultaneously covering second generation (2G) and third generation (3G) signals. The transceiver comprises an optical module, a field programmable gate array (FPGA) module, a clock recovery module, a clock distribution module, a digital pre-distortion (DPD) feedback analog-digital converter, a 2G+3G analog-digital converter, a monitoring part, a switching unit, a 2G DPD coefficient implementation module, a 2G digital-analog converter, a 2G downlink local oscillation module, a 2G uplink local oscillation module, a 2G downlink radio frequency link, a 2G radio frequency feedback link, a 2G uplink signal radio frequency link, a 3G DPD coefficient implementation module, a 3G digital-analog converter, a 3G downlink local oscillation module, a 3G uplink local oscillation module, a 3G downlink radio frequency link, a 3G radio frequency feedback link and a 3G uplink signal radio frequency link. The invention also provides a signal processing method of the transceiver capable of simultaneously covering the 2G and 3G signals. By the invention, 2G and 3G single-standard transceivers are integrated into a novel mixed-standard transceiver, so a covering mode is simplified, and cost is saved.