Julie Hambleton, whose sister Maxine died in the 1974 attack, said she was "outraged" the ex-IRA commander was part of the first ever Irish state visit to the UK.
"He's got so much blood on his hands... he should be arrested," she said.
Mr McGuinness was unavailable for comment.
Ms Hambleton was part of a group of protestors who were demonstrating outside Windsor Castle ahead of a state banquet which is being attended by Mr McGuinness.
She said his attendance was "the epitome of hypocrisy" and she was angry that the British establishment had given him "permission to come on to the mainland".
Ms Hambleton said she did not believe it was the Queen's own decision to invite Mr McGuinness.
Mr McGuinness's visit comes after it was announced on Monday that no new inquiry would be launched into the pub bombings after a re-examination of the evidence.
West Midlands Police said it had found "no new evidence that would assist us in bringing anyone to justice".
Twenty-one people were killed and 182 injured when two bombs exploded at the Mulberry Bush and the Tavern in the Town in November 1974.
Six men were jailed in 1975 but their convictions were quashed in 1991.
The sister of a woman killed in the Birmingham pub bombings has called for the arrest of Northern Ireland's Deputy First Minister Martin McGuinness.