Lossless system has been employed to design the perfect reconstruction filter banks and has particularly a close relation with the desing of orthogonal wavelet filter (OWF). With such a relation, we generalize 2-band OWF to the M-band OWF which has an improved performances. The improvement is achieved using the two techniques. One is that the wavelet low pass filter has (N-1)th order regularity with extra zeros while the existing filter has N-th order regularity. The other is that unitary matrix is designed by adding the zeros to the proper positions. As a result, M-band OWF designed by propose method has better performance than M-band OWF designed by exsiting method.