Abstract With the development of global navigation satellite systems, the modernization of global navigation satellite systems has arrived, which takes the binary offset carrier modulation and related evolution as the typical feature. Moreover, the performance of multiplexed binary offset carrier modulation is related to global navigation satellite systems service. In the paper, an improved multiplexed binary offset carrier modulation based on period offset subcarrier was proposed, called MBOC‐POS, where the subcarrier periodic shifting binary offset carrier modulation is used as the lower‐order component instead of sine‐binary offset carrier modulations. Meanwhile, the different implementations of MBOC‐POS modulations are analysed and compared with traditional multiplexed binary offset carrier multiplexed binary offset carrier signals in multipath mitigation, tracking accuracy, anti‐interference and compatibility. By simulation and analysis, the performance of reconstructed MBOC‐POS modulation has been improved. Especially, for the mismatch reception, the Gabor bandwidth increases by 29.5% and the multipath error envelope is reduced by 35% with the filter bandwidth of 10 MHz. Therefore, the multiplexed binary offset carrier MBOC‐POS modulation proposed in the paper can be used as a new option for MBOC modulations and next‐generation signal design.