Usual estimation method of satellite on-board clock short-term stability demands continuous observation of large ground monitoring network and complex algorithm, which is not suitable for single station observation. Based on an analysis of the short-term frequency stability estimation method of satellite on-board clock using observation from one single station, a simpler method combining satellite two-way carrier ranging with GNSS one-way carrier phase observation is proposed. This method is based on GNSS carrier phase observation eliminating geometric distance between satellite and receiver, which is determined by satellite two-way carrier ranging. Performance of this method is evaluated by using BDS data. The estimation result agrees well with result of complex algorithm, and is very close to the smoothed broadcast ephemeris method (SBE method) for average time of 1~1000 seconds with relative error less than 10%, but better than SBE method for average time above 1000 seconds.