Currently,1bitor2bitsignalquantizationiswidelyusedinsatellitenavigationsoftwarereceivers.Thebit-wiseparallelalgorithmhasbeenproposedfor1bitand2bitsignalquantization,whichperformscorrelationwithhighefficiency.Inordertoimprovetheperformanceofthecorrelator,thispaperproposesanew1.5bitquantizationmethod.Theoreticalanalysesaremadefromtheaspectsofcomplexityandquantizationloss,andperformancecomparisonbetween1.5bitquantizationcorrelatorandtraditionalcorrelatorsisdiscussed.Theresultsshowthatthe1.5bitquantizationalgorithmcansaveabout30percentcomplexityundersimilarquantizationloss,reducemorethan0.5dBsignalnoiseratio(SNR)lossundersimilarcomplexity.Itshowsgreatperformanceimprovementforcorrelatorsofsatellitenavigationsoftwarereceivers.