Abstract: The modified pseudo-random extended binary phase shift keying with continous phase (MCP-EBPSK) could effectively reduce the spectral line compared with the continuous phase extended BPSK(CP-EBPSK), which could narrow the power spectrum by adding the modified coefficients and randomizing the sign of the modulation index of CP-EBPSK, finally realized the efficient and high data rate transmission. Multiplexing as a high spectral efficiency technique, combined with the MCP-EBPSK would certainly bring better performance. In this paper we improved the impacting filter and designed the filter bank by adding zeros to the impacting filters at the notch frequencies to depress the inter-channel interference(ICI). Use the QPSO (Quantum-behaved Particle Swarm Optimization) algorithm to obtain the filter bank's parameters, the simulation shown that though the subcarriers were time-frequency aliasing and nonorthogonal, the impacting filter bank could separate the composite signal and demodulated properly by its narrow notch-frequency-selecting characteristic near the center frequency. So the designed filter bank could demodulated the multi-channel MCP-EBPSK signal.