The present invention relates to a flat knitting machine and a method for manufacturing a filigree knitted fabric, and in particular to a flat knitting machine and a method for manufacturing a filigree knitted fabric using only one knitting system (100). The knitting fabric is composed of plied yarn (B) and jacquard thread (M); the ply thread is fed by the first yarn guide (FB); and the jacquard thread is fed by the second yarn guide (FM). The knitting system has two selection points (A1) for knitting needles (SN1) and two different bending triangles (K1).