A conventional digital receiver sampled a baseband signal and processed it digitally for demodulation. But now we can sample at sufficiently high speed a wideband signal to take enough discrete data values due to the advent of economic high-speed ADC. With this technical background, a wideband frequency-division-multiplexed signal can be undersampled and channelized in digital domain by DFT analysis filter using the theory of polyphase. In this paper, we propose a new digital receiver which can digitally process the multichannel received signal by sampling at IF band, develop a mathematical theory and algorithm, and analyze the performance by using C-language simulaation. The proposed receiver can demodulate analog and digital FM signals.