The data acquisition and processing system are proceeding towards faster, more powerful, easier to use and more cost effectiveness. This paper discuss the design of the high speed and convenient data acquisition and processing system based on DSP and USB 2.0, and expatiates the principle and method of the virtual instruments system in detail. The system employs an ADS8346 to sample the six channel signals simultaneously with a resolution of 16-bit.It utilizes EZ-USB FX2 as the USB2.0 interface, which can achieve the high speed communication between the host and the system. It uses TMS320VC33 (dsp) as the core chip, which can accomplish the function of the main control and real-time digital signal processing. The system enhances the virtual instruments' advantage more by the combination between software and hardware.