Channelization typically realized by digital filter banks is an important topic in high frequency (HF) communication and software defined radios (SDR) areas. Channelization has a rigorous requirement for the characteristic of frequency response, e.g., steep transitional band and sharp decay. To address this issue, we investigated the feasibility and implementation of applying fast filter bank (FFB) in channelization in this paper. We analyzed the butterfly structure of FFB similar with fast Fourier transform (FFT), in which prototype sub-filters are cascaded to achieve a low complexity. Hence, it is suitable for designing filter bank with steep transitional band and sharp decay in stop-band. Moreover, we designed a pipelined structure of FFB to achieve a balance between area and performance. Design example shows that FFB has lower computational complexity compared with the other filter banks.