A co-channel dual polarized microwave device, comprising: a first equalization unit, configured to receive a first receive signal, wherein the first receive signal is a receive signal processed by cross polarization interference cancellation, perform frame synchronization on the first receive signal to acquire a first frame synchronization state signal and the first receive signal processed by frame synchronization, perform phase noise immunization on the first receive signal processed by frame synchronization, perform quality evaluation on the first receive signal processed by phase noise immunization to acquire a first signal quality signal, and send the first frame synchronization state signal, the first signal quality signal, and the first receive signal processed by phase noise immunization to a synchronization synthesis unit; a second equalization unit, configured to receive a second receive signal, wherein the second receive signal is a receive signal not processed by cross polarization interference cancellation, perform frame synchronization on the second receive signal to acquire a second frame synchronization state signal and the second receive signal processed by frame synchronization, perform phase noise immunization on the second receive signal processed by frame synchronization, perform quality evaluation on the second receive signal processed by phase noise immunization to acquire a second signal quality signal, and send the second frame synchronization state signal, the second signal quality signal, and the second receive signal processed by phase noise immunization to the synchronization synthesis unit; and the synchronization synthesis unit, configured to selectively receive, according to the first frame synchronization state signal, the first signal quality signal, the second frame synchronization state signal, and the second signal quality signal, the first receive signal processed by phase noise immunization and the second receive signal processed by phase noise immunization, and perform delay alignment on a selectively received signal according to the first frame synchronization state signal and the second frame synchronization state signal to implement lossless switching in a selective receiving process. a first equalization unit, configured to receive a first receive signal, wherein the first receive signal is a receive signal processed by cross polarization interference cancellation, perform frame synchronization on the first receive signal to acquire a first frame synchronization state signal and the first receive signal processed by frame synchronization, perform phase noise immunization on the first receive signal processed by frame synchronization, perform quality evaluation on the first receive signal processed by phase noise immunization to acquire a first signal quality signal, and send the first frame synchronization state signal, the first signal quality signal, and the first receive signal processed by phase noise immunization to a synchronization synthesis unit; a second equalization unit, configured to receive a second receive signal, wherein the second receive signal is a receive signal not processed by cross polarization interference cancellation, perform frame synchronization on the second receive signal to acquire a second frame synchronization state signal and the second receive signal processed by frame synchronization, perform phase noise immunization on the second receive signal processed by frame synchronization, perform quality evaluation on the second receive signal processed by phase noise immunization to acquire a second signal quality signal, and send the second frame synchronization state signal, the second signal quality signal, and the second receive signal processed by phase noise immunization to the synchronization synthesis unit; and the synchronization synthesis unit, configured to selectively receive, according to the first frame synchronization state signal, the first signal quality signal, the second frame synchronization state signal, and the second signal quality signal, the first receive signal processed by phase noise immunization and the second receive signal processed by phase noise immunization, and perform delay alignment on a selectively received signal according to the first frame synchronization state signal and the second frame synchronization state signal to implement lossless switching in a selective receiving process.