The theory and application of signal integrity (SI) is a key technology to be solved in the design of high-speed digital circuit. In this paper, the basic theory related in high-speed signal integrity is discussed at first on the basis of analyzing the dominate problems existed in high-speed signal, which includes Maxwell equation and electromagnetic theory, transmission line theory, as well as signal integrity theory. Then, two model techniques, i.e., IBIS and SPICE, are investigated on practical application in the PCB simulating design. At last, combining with a real high-speed system design-reflecting instance of Small Form-Factor Pluggable Optical Transceiver (SFP), a complete design example is discussed and analyzed in detail for the setting up of the simulating model. Testing result shows that it is not only feasible in the design of high-speed system adopted simulating technique based on signal integrity, but also necessary in actual applications.