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An orthogonal multi-carrier modulation-Filtered Multi-Tone (FMT) modulation, is evaluated in this paper. The objective of this paper is to model the FMT system with polyphase filterbank network, design its synthesis/analysis orthogonal filterbanks and analyze their performance. Oversampled and critically sampled cases of FMT system are discussed in detail. Perfect Reconstruction (PR) properties of parallel orthogonal subchannels in the case of critically sampled is derived from filterbank polyphase decomposition. Diverse types of prototype filters which include Infinite Impulse Response (IIR) and Finite Impulse Response (FIR) are designed and analyzed. Performance analysis of orthogonal filterbanks which are implemented by these prototype filters are proposed and compared respectively. Simulation results of FMT orthogonal filterbanks are presented. In the end, the application prospect of FMT is discussed.