Abstract: Based on the advantages of 1-bit quantized receiver such as small size, high sensitivity, large instantaneous bandwidth and real-time signal processing, the parameter estimation performance of wideband signal source under 1-bit quantized measurements is analyzed through theory and simulation. Firstly, two typical parameter estimation methods of wideband signal source are briefly introduced. Secondly, the theoretical derivation formulation of 1-bit quantized measurements is described and an improvement method of estimation performance based on covariance matrix reconstruction is introduced. Finally, the effectiveness of wideband signal source localization under 1-bit quantized measurements is verified by simulations and the estimation performance is compared with the case of unquantized measurements. The results of this paper are intended to provide theoretical support for practical applications.