In this article, we propose a new particle swarm optimization–based satellite selection algorithm for BeiDou Navigation Satellite System/Global Positioning System receiver, which aims to reduce the computational complexity of receivers under the multi-constellation Global Navigation Satellite System. The influences of the key parameters of the algorithm—such as the inertia weighting factor, acceleration coefficient, and population size—on the performance of the particle swarm optimization satellite selection algorithm are discussed herein. In addition, the algorithm is improved using the adaptive simulated annealing particle swarm optimization (ASAPSO) approach to prevent converging to a local minimum. The new approach takes advantage of the adaptive adjustment of the evolutionary parameters and particle velocity; thus, it improves the ability of the approach to escape local extrema. The theoretical derivations are discussed. The experiments are validated using 3-h real Global Navigation Satellite System observation data. The results show that in terms of the accuracy of the geometric dilution of precision error of the algorithm, the ASAPSO satellite selection algorithm is about 86% smaller than the greedy satellite selection algorithm, and about 80% is less than the geometric dilution of precision error of the particle swarm optimization satellite selection algorithm. In addition, the speed of selecting the minimum geometric dilution of precision value of satellites based on the ASAPSO algorithm is better than that of the traditional traversal algorithm and particle swarm optimization algorithm. Therefore, the proposed ASAPSO algorithm reduces the satellite selection time and improves the geometric dilution of precision using the selected satellite algorithm.