A software wave receiver was aboard the SS-520-2 rocket as a part of the plasma wave analyzer and successfully accomplished waveform observations and spectral observations. In the present paper, we describe the specifications and roles of the software wave receiver on the SS-520-2 rocket experiment. This receiver consists of a waveform receiver using real-time data compression and a spectral receiver with high time and frequency resolution using a programmable down converter. We report here on the first flight test of the new plasma wave receiver to be used for future planet explorers and space observation missions. Every 0.5 s, spectra of a 3-MHz signal with 0.3-kHz resolution are obtained, and the data compression of waveforms with the bandwidth of 15 kHz are performed. Although the sweep time was occassionally affected if the data were not compressed enough, no data were lost during the flight.