More powerful simulation hardware is always preferred when it comes to accurate, efficient and economical simulation of large complex power systems. This paper proposes a FPGA-based EMT simulator which considers the detailed EMT model of synchronous generator, excitation system and transmission lines. The well-known two-area four-machine system is taken as an example to validate the proposed simulator and for this particular system, the simulation time-step as low as 10μs can be easily achieved. To validate the proposed simulator, comparison is made between simulation results from the proposed simulator and from MATLAB Simulink, and excellent accuracy has been achieved.