•Fast permutation entropy is proposed for online analysis of PRV signals.•The feasibility of developing low-cost wearable devices to verify the proposed method.•The computational speed of the proposed method is demonstrated by simulated and measured data to be faster than the traditional permutation entropy. Pulse rate variability (PRV) signals are extracted from pulsation signal can be effectively used for cardiovascular disease monitoring in wearable devices. Permutation entropy (PE) algorithm is an effective index for the analysis of PRV signals. However, PE is computationally intensive and impractical for online PRV processing on wearable devices. Therefore, to overcome this challenge, a fast permutation entropy (FPE) algorithm is proposed based on the microprocessor data updating process in this paper, which can analyze PRV signals with single-sample recursive. The simulation data and PRV signals extracted from pulse signals in “Fantasia database” were utilized to verify the performance and accuracy of the improved methods. The results show that the speed of FPE is 211 times faster than PE and maintain the accuracy of algorithm (Root Mean Squared Error = 0) for simulation data with a length of 10,000 samples and embedded dimension m = 5, time delay τ = 5, buffer length Lw = 512. For the RRV signals with 3000∼5000 samples, the result show that the consumption of FPE is less than 0.2 s, which is 175 times faster than PE. This indicates that FPE has better application performance than PE. Furthermore, a low-cost wearable signal detection system is developed to verify the proposed method, the result show that the proposed method can calculate the FPE of PRV signal online with single-sample recursive calculation. Subsequently, entropy-based features are used to explore the performance of decision trees in identifying life-threatening arrhythmias, and the method resulted in a classification accuracy of 85.43%. It can therefore be inferred that the proposed method has great potential in cardiovascular disease.