CHAUTAUQUA, N.Y., AUG. 25 -- A top Soviet military official, reacting to the Reagan administration's proposal to allow only "limited inspections" to monitor a proposed treaty banning medium-range nuclear missiles, said tonight that at arms control talks in Geneva the Soviet Union will insist on "full inspections."

"We view the Reagan administration's shift as a very bad thing," said Col. Gen. Nikolai Chervov, a top-ranking official in the Soviet Defense Ministry. "It shows that all along they were bluffing."

The Reagan administration has depicted the Soviet side as reluctant to open military and industrial facilities to U.S. inspectors. In fact, Chervov said, the Soviet Union "insists on full inspection," while the Reagan administration "apparently fears them."

Chervov, participating in a Soviet-American conference at the Chautauqua Institution here, said: "Full and complete inspections are necessary to ensure our security, especially while the two sides are dismantling medium-range or eventually even strategic nuclear missiles."

In Geneva earlier in the day, the Reagan administration submitted a proposal calling for limited superpower inspections of each other's military and industrial facilities to verify compliance with a proposed treaty to eliminate medium-range missiles worldwide.

U.S. officials said the reason for the shift is opposition from U.S. intelligence agencies and European allies to Soviet inspection of sensitive facilities. Administration officials have said privately that American military suppliers had objected to the prospect of having Soviet inspectors make unannounced visits to their plants.

Those would not be permitted under the new Reagan administration proposal. U.S. officials said compliance can be verified through a combination of limited announced inspections and "national technical means," or satellite surveillance.

Chervov tonight disagreed, saying, "Our security is at issue. We need full inspections."

The question presumably will be a topic next month at a scheduled meeting between Secretary of State George P. Shultz and Soviet Foreign Minister Eduard Shevardnadze in Washington.

Treaty verification and a Soviet demand that medium-range Pershing 1A missiles controlled by West Germany be included in an agreement remain as major stumbling blocks to an accord.