In this paper, various modulation techniques, including the legacy Global Navigation Satellite System (GNSS) signal modulation techniques, are introduced and the spectral characteristics and correlation characteristics of signals with various modulation techniques are analyzed based on numerical simulation. With the development of various GNSS services, the limited frequency band has become increasingly saturated, and issues of interoperability and compatibility have emerged in the new GNSS design. Since the efficient allocation of frequency resources is closely related to spectrum design, modulation techniques are one of the important signal design parameters of new signal design. Signal modulation techniques are closely related to various figure of merits (FoMs) as well as spectrum characteristic, and in some cases there is a complicated trade-off between FoMs. Thus, the FoMs associated with modulation technology should be analyzed and the best signal candidates should be chosen carefully via the trade-off analysis for FoMs. In this paper, we define the modulation technique based on Phase Shift Keying (PSK), Binary Offset Carrier (BOC) and Continuous Phase Modulation (CPM) for the design of KPS signals, and the FoMs of signals in terms of spectrum and correlation function are evaluated. Signals with various modulation techniques are implemented through a numerical simulation, and the relevant FoMs are analyzed.