A real-time phase-sensitive optical time-domain reflectometry (Φ-OTDR) signal processing system is proposed based on the heterogeneous accelerated computing technology of field programmable gate array (FPGA) with respect to the characteristics of complexity, large-amount computation, and high real-time requirements of the Φ-OTDR signal processing system. Firstly, the heterodyne-detection-type Φ-OTDR signal processing flow is analyzed and decomposed. Subsequently, a series of accelerated computing methods based on FPGA, such as sliding window data frame segmentation, multichannel parallel fast Fourier transform calculation, frequency-domain filtering, and short-term energy summation, are proposed. Finally, the system implements long and real-time disturbance signal demodulation and display using a fiber sensing distance of 40 km, a repetition rate of 2 kHz, and a sampling interval of 1 m with a frame overlap of 80%. The FPGA system acts as a heterogeneous accelerator to mitigate the computer data processing pressure and ensure real-time operation of the sensing system at a high repetition frequency, effectively ensuring the system reliability and stability.