Based　on　code　division　multiple　access　multiple　munition　telemetry　system　model,　this　paper　calculates　the　system　performance　including　theoretical　analysis,　average　signal　to　noise　ratio　and　probability　of　bit　error.　Results　show　that　main　interference　source　of　code　division　multiple　address　telemetry　system　comes　from　multi-address　interference.　To　reduce　the　multi-address　interference,　address　code　is　of　good　correlation　characteristics.　In　addition,　for　a　given　probability　of　bit　error,　to　increase　system　capacity,　the　reduction　of　signal　to　noise　ratio　is　needed.