Currently, network real-time kinematic (NRTK) technology is one of the primary approaches used to achieve real-time dynamic high-precision positioning, and virtual reference station (VRS) technology, with its high accuracy and compatibility, has become the most important type of network RTK solution. The key to its successful implementation lies in correctly fixing integer ambiguities and extracting spatially correlated errors. This paper first introduces real-time data processing flow on the VRS server side. Subsequently, an improved ionosphere-weighted VRS approach is proposed based on single-differenced observations of GPS, GAL, and BDS. With the prerequisite of ensuring estimable integer properties of ambiguities, it directly estimates the single-differenced ionospheric delay and tropospheric delay between reference stations, reducing the double-differenced (DD) observation noise introduced by conventional models and accelerating the system initialization speed. Based on this, we provide an equation for generating virtual observations directly based on single-differenced atmospheric corrections without specifying the pivot satellite. This further simplifies the calculation process and enhances the efficiency of the solution. Using Australian CORS data for testing and analysis, and employing the approach proposed in this paper, the average initialization time on the server side was 40 epochs, and the average number of available satellites reached 23 (with an elevation greater than 20°). Two positioning modes, ‘Continuous’ (CONT) and ‘Instantaneous’ (INST), were employed to evaluate VRS user positioning accuracy, and the distance covered between the user and the master station was between 20 and 50 km. In CONT mode, the average positioning errors in the E/N/U directions were 0.67/0.82/1.98 cm, respectively, with an average success fixed rate of 98.76% (errors in all three directions were within 10 cm). In INST mode, the average positioning errors in the E/N/U directions were 1.29/1.29/2.13 cm, respectively, with an average success fixed rate of 89.56%. The experiments in this study demonstrate that the proposed approach facilitates efficient ambiguity resolution (AR) and atmospheric parameter extraction on the server side, thus enabling users to achieve centimeter-level positioning accuracy instantly.