Disclosed in the embodiments of the present application are a data modulating and demodulating method, a data transmission method and node for multi-carrier system. The data modulating method including: selecting, by a transmitting node, corresponding waveform functions based on values of a first parameter, wherein the first parameter includes K values corresponding to K different waveform functions, respectively, and K is an integer greater than 1; and performing, by the transmitting node, using the selected waveform functions, modulation on time domain data sequences processed by Inverse Fast Fourier Transform (IFFT) to obtain a modulated data sequence. The first parameter may be configured by a base station for a UE. Also provided by the embodiments of the present application are a corresponding demodulation method and data transmission method and node.