We have proposed and experimentally demonstrated a novel fiber Bragg grating (FBG) sensing interrogation method using bidirectional modulation of a Mach-Zehnder electro-optical modulator (MZ-EOM). The proposed structure consists mainly of a broadband light source (BBS), FBG, MZ-EOM, chirped fiber Bragg grating (CFBG), and photodetector (PD). We have obtained the transfer functions of the proposed structure and calculated the time delay from the change in the free spectral range (FSR) for ten wavelengths over the frequency range of 505 MHz to 525 MHz. The results show that the time delay and the wavelength variation have a good linear relationship with a gradient of 12.9 ps/0.2 nm, which can be usefully applied to FBG strain or temperature sensors and other multiplexed sensor applications.