In this study, we will implement a flexible formant analysis and synthesis system. In the analysis part, the two-channel (i.e., speech & EGG signals) approach is investigated for accurate estimation of formant information. The EGG signal is used for extracting exact pitch information that is needed for the pitch synchronous LPC analysis and closed phase LPC analysis. In the synthesis part, Klatt formant synthesizer is modified so that the user can change synthesis parameters arbitarily. Experimental results demonstrate the superiority of the two-channel analysis method over the one-channel(speech signal only) method in analysis as well as in synthesis. The implemented system is expected to be very helpful for studing the effects of synthesis parameters on the quality of synthetic speech and for the development of Korean text-to-speech(TTS) system with the formant synthesis method.