The invention discloses a method, a system and a media processing equipment for realizing circuit multiplexing under separation structure. The core is that the media processing equipment on the side of the sending terminal determines the multiplex channel for circuit multiplexing according to the indication messages of the media control equipment on the side and relevant multiplex channel messagesare transmitted to the receiving terminal through the media control equipment on the side. At the same time, data streams in a plurality of channels are multiplexed in corresponding multiplex channels and then are sent to the media processing equipment on the side of receiving terminal. The media processing equipment on the side of receiving terminal obtains relevant multiplex channel messages through the media control equipment on the side and then demultiplexed the multi-media service streams in corresponding multi-media channels. The invention can realize circuit multiplexing under separation structure and at the same time realize call exchange route, which not only complies with the major trend of bearing control separation but also with the major trend of core network IP realization.In addition, the purpose of saving bandwidth is also achieved.