The hardware-in-the-loop (HIL) real-time simulation for high-speed train electrical traction system aims to reduce the design cost and speed up control verification process of algorithms in the developmental stage of the traction control unit. In this study, based on the dSPACE real-time simulator, the multiple-simulator, multiple-simulation step of HIL real-time simulation system is first built. Second, for the associated discrete circuit modelling method, an optimisation method is proposed to minimise the switching loss and improve the simulation accuracy by selecting the optimal discrete-time switch admittance parameter, G S. To decrease the computational burden for field-programmable gate array (FPGA), a decoupling method without simulation latency is presented to reduce the matrix dimension of the system model. Finally, the real-time simulation models of electrical traction system are realised by CPU + FPGA-based simulator, in which the power electronics converter models are computed in FPGA with a fixed 100 ns time-step. The validity and reliability of the real-time simulation system is verified by the HIL simulation and experimental results, which indicate that the real-time HIL simulation at the nanosecond level improves the accuracy essentially.