This paper describes the design of FPGA based signal processing card. An on board real time digital signal processing system is designed using FPGA. The platform can decode process of various kinds of digital and analog signals simultaneously. The design trend in this card is towards small size, high integration and fast real time processing. For the optimum performance a 16 bit 1 MSPS ADC is used which is interfaced with FPGA to make all the data processing onboard in real time. This card can be used in many signal processing based applications like audio signal processing, audio compression, digital image processing, video compression, speech processing, speech recognition, digital communications by interfacing several separate board using inbuilt I/O’s, each with a number of input channels that will communicate with each other in real time over a high speed communication link. The resulting images can be displayed directly on LCD or OLED panel displays using I/O’s peripherals. The project introduces many challenging issues, which are being addressed in turn with different prototype designs. These issues are the ADC performance, interfacing the ADCs to the FPGA, implementing the flexible processing algorithms and high speed interconnection between the boards.