Abstract Inspired by the wave-rider idea and momentum principle, the vehicle with inverted dihedral and momentum lift augmentation is a new aerodynamic configuration of high-speed gliding vehicle in the near-space, which has achieved a high lift-to-drag ratio and long-distance sliding. Numerical simulation of aerodynamic characteristics and stability of the aircraft are carried out in this paper. The lift-to-drag characteristics, longitudinal-directional stability and lateral-directional stability are evaluated based on the National Numerical Wind tunnel’s high-speed simulation software, named NNW-HyFLOW. An unstructured/hybrid grid is used in the calculation at the typical ballistic points of altitude of 10-75km and Mach number of 3-25. The results shows that the lift-to-drag ratio reaches a peak value of 4.11 at the altitude of 30km and attack angle of 8°. This value is decreased when the altitude raises. The usable lift-to-drag ratio is over 3 in the glide phase range from 30 to 50 kilometres. This vehicle shows better longitudinal-directional stability at large angles of attack than at small in the reentry phase and glide phase, which can be optimized by adjusting the center of mass or pitching rudder. It has a weak instability in the lateral direction at small angle of attack in the glide phase. Therefore, it is suggested to avoid to work at the high altitude with a small angle of attack. Or, the lateral-directional stability can be strengthened at this altitude by improving the V-tail.