With the continuous development and increasing popularity of the fifth generation (5G) of mobile communications technology, its fusion with the Global Navigation Satellite System (GNSS) data can effectively improve problems with service interruptions or poor satellite signal reception. In this study, GPS and 5G data were fused, and the resulting experimental algorithm showed that it effective improves time transfer’s frequency stability and reliability. Moreover, this technique reduced the noise level of time-transmitted clock offset sequences, while suppressing short-term mutations. By simulating different degrees of satellite signal occlusion, it was further verified that the GPS+5G fusion method can provide stable, high-precision, and real-time delivery services under insufficient satellite signal reception. This provides a reference for high-precision time transfer technology in complex environments and further improves the reliability of GNSS high-precision time transfer.