The high-precision relative navigation technology is essential to achieving aerial refueling. For traditional relative navigation methods, problems come out including lacking enough precision and reliability, and a meaningful connection between the relative parameters. To solve the problems, a novel relative navigation method for aerial refueling with INS and triple-frequency BDS is proposed in this paper. At first, the relative kinematic model is founded. In addition, taking into account the crucial significance of reliability for the successful execution of aerial refueling, the measurement equations with triple-frequency BeiDou signals based on moving reference are derived. Further, the relative state error has been selected to represent the integrated navigation state. A hybrid fusion structure is designed to estimate the relative state errors and further obtain the relative navigation results. The results of the simulation experiment indicate that compared to the traditional methods, the method in this paper which establishes the relationship between tanker and receiver, can achieve high precision, and effectively restrain the divergence of inertial errors.