Satellite selection is an effective way to overcome the challenges for the processing capability and channel limitation of the receivers due to superabundant satellites in view. The satellite selection strategies have been widely investigated to construct the subset with high accuracy but deserve further studies when applied to safety-critical applications such as the receiver autonomous integrity monitoring (RAIM) technique. In this study, the impacts of subset size on the accuracy and integrity of the subset and computation load are analyzed at first to confirm the importance of the satellite selection strategy for the RAIM process. Then the integrated performance impact of a single satellite on the current subset is evaluated according to the performance requirement of the flight phase. Subsequently, a performance-requirement-driven fast satellite selection algorithm is proposed based on the impact evaluation to construct a relatively small subset that satisfies the accuracy and integrity requirements. Comparison simulations show that the proposed algorithm can keep similar accuracy and better integrity performances than the geometric algorithm and the downdate algorithm when the subset size is fixed to 12, and can achieve an average 1.0 to 2.0 satellites smaller subset in the Lateral Navigation (LNAV) and approach procedures with vertical guidance (APV-I) horizontal requirement trial. Thus, it is suitable for real-time RAIM applications and low-cost navigation devices.