A real-time signal processing system and method based on multi-channel independent component analysis (ICA). A one-pass recursive ICA processor uses a computation module to perform multi-channel ICA on a set of first data to generate a plurality of second data and third data. A noise removing module uses the computation module to identify noise in the second data and remove the identified noise to generate a plurality of fourth data. A reconstruction module uses the computation module to reconstruct the set of first data based on the fourth data and the third data to generate a plurality of fifth data. The one-pass recursive ICA processor, the noise removing module, the reconstruction module and the computation module are all implemented on a single chip, such that the one-pass recursive ICA processor, the noise removing module and the reconstruction module share the same computation module to save hardware resources.
