The fast simulation for atmospheric turbulence phase screen with large size and high resolution is essential to verify the performance and the control algorithm stability of the adaptive optical system in laboratory. A scheme of simulating atmospheric turbulence phase screen based on wavelet analysis is proposed. According to the frequency band segmentation of discrete wavelet transform, the Von Karman power spectrum is cut. The approximate high frequency coefficients of corresponding frequency bands at different scales are generated based on the energy conservation principle. The correlation function of low frequency coefficient of the top level is obtained when we use the recursive relations among the low frequency coefficients of wavelet layers, and the correlation function method is used to simulate low frequency coefficients. The final atmospheric turbulence phase screen is synthesized by the wavelet synthesis algorithm. Numerical simulation results show that the atmospheric turbulence phase screen generated based on wavelet analysis is consistent with the Von Karman model. The computational complexity of the proposed method is low, and it can quickly simulate atmospheric turbulence phase screen with large size and high resolution.