The shortwave time service system is a vital land-based wireless time service solution, serving as a supplement and backup to the global navigation satellite system. It ensures that time users can access reliable timings, especially in extreme situations. However, the current BPM shortwave time service signal in China faces issues such as insufficient anti-interference reception capabilities and poor timing accuracy. This paper capitalizes on the advantages of Chirp signals and explores a new modulation technology for BPM shortwave time signals that is compatible with the existing modulation system. A Dual Chirp Time-Division Combined Modulation (DCTDCM) scheme is proposed for broadcasting two time signals: Coordinated Universal Time (UTC) and Universal Time 1 (UT1). Furthermore, an in-depth study of the receiving method for this scheme is conducted, with detailed design of its parameters. The designed DCTDCM signals offer a spread spectrum gain of 24 dB and a multipath resolution capability of at least 125 μs, significantly enhancing the anti-interference reception and anti-multipath attenuation capabilities of shortwave time signals. As a result, the availability and timing accuracy of shortwave time signals are substantially improved. Finally, extensive comparative experiments on reception performance validate the effectiveness of this approach.