This paper proposes a model for combined Global Positioning System (GPS) and BeiDou Navigation Satellite System (BDS) Real-Time Kinematic (RTK) positioning. The approach uses only one common reference ambiguity, for example, that of GPS L1, and estimates the pseudo-range and carrier phase system and frequency biases. The validations show that these biases are stable during a continuous reference ambiguity period and can be easily estimated, and the other estimated double-differenced ambiguities, such as those of GPS L2, BDS L1, and BDS L2, are not affected. Therefore, our approach solves the problems of a frequently changing reference satellite. In addition, because all the carrier phase observations use the same reference ambiguity, a relationship is established between the different systems and frequencies, and the strength of the combined model is thus increased.