A new microwave measurement receiver calibrates signal generators and attenuators providing tuned RF level measurements, level measurements, analog modulation and spectrum analysis. To measure the phase noise of the generators a powerful hardware for high end phase noise test is incorporated, with cross correlation for increased sensitivity. Due to real-time demodulation amplitude and phase noise can be measured in parallel. It offers also a vector signal analyzer for digital modulation analysis, 80 MHz analysis bandwidth, analysis of pulses and VOR/ILS signals. It is a single box instrument designed to reduce the complexity in calibration.