The invention discloses a space division multiplexing method of a shared channel in a multichannel HSDPA system, comprising the following steps: presetting the timing relationship among the dispatched HS-SCCH, HS-PDSCH and HS-SICH; determining the channel on which each UE is located and the dispatching priority of each UE according to the receiving signals of each UE uplink channel; according to the priority from high to low, allocating the dispatched HS-SCCH resources, HS-PDSCH resources for each UE, wherein any one of the HS-SCCH resources or HS-PDSCH resources is allowed to be allocated to N numbered different channels, and each channel only can be allocated once; and performing corresponding channel data transmission on own channels of each UE according to the allocated channel resources in terms of the timing relationship. By using the invention, frequency spectrum resource utilization rate can be improved.