Provided are a method and a device for generating a MIMO test signal which is configured to test a performance of MIMO wireless terminal. With the method, the plurality of space propagation matrixes of the MIMO testing system are acquired by performing the phase shift transformation on the plurality of calibration matrixes of the MIMO testing system, the target space propagation matrix having the isolation degree meeting the preset condition is determined according to the maximum amplitude value of elements in each inverse matrix of the plurality of space propagation matrixes, and the transmitting signal for test is generated by a calculation according to the throughput testing signal acquired by the pre-calculation and the target calibration matrix corresponding to the target space propagation matrix.