Modulation hopping technique is a new kind of anti-interception technology against modulation recognition by shortening the duration of each modulation and keeping modulation hopping in pseudo-random way. In order to capture modulation-hopping signal effectively and rapidly, a dual-dwell parallel acquisition approach with code matching is proposed, and the acquisition performance is analyzed. This approach is used to realize modulation classification by matching modulation identification code and make synchronization acquisition by dual-dwell parallel approach, and finally ensure good performance on the condition of low SNR and few signal symbols. The analysis results verify that the approach has higher modulation recognition rate and shorter average acquisition time on AWGN channel. However, the performance on Rayleigh fading channel is relatively poor; in such case, the use of an improved RAKE-based method can effectively enhance the performance effectively.