The invention relates to a multi-channel sound wave communication system and method. Effective information can not be transmitted by purely using an ultrasonic wave frequency characteristic, and less frequency points exist. The information is transmitted by using amplitude modulation, and error rate is high. The multi-channel sound wave communication system comprises a sound wave information generator and a sound wave information receiver, wherein the sound wave information generator comprises a first microphone, a first analog to digital conversion module, a channel selection module, a DDS (Direct Digital Synthesizer) carrier generation module, an FSK (Frequency Shift Keying) modulation module, a code element information storage module, a coding module, a first clock module, a digital to analog conversion module, an analog filter module, an amplifier module and a speaker. The sound wave information receiver comprises a second microphone, a second analog to digital conversion module, a digital down converter module, a digital filter module, a down-sampling module, an automatic gain control module, a synchronous decision module and a second clock management module. The multi-channel sound wave communication system has a simple structure, and avoids that each path of traditional FSK demodulation is subjected to a large quantity of digital signal processing operation.