A multi-ratio rotorcraft drive system and a method of changing gear ratios thereof are disclosed. According to one embodiment, the multi-ratio rotorcraft drive system comprises a rotor system comprising one or more rotors and one or more engines. Each engine of the one or more engines is coupled to the rotor system through a multi-ratio transmission. The multi-ratio transmission comprises an output shaft coupled to the rotor system, an input shaft coupled to a respective engine of the one or more engines, a high speed clutch integrated into a high speed gear train, and a low speed clutch integrated into a low speed gear train. The high speed clutch and the low speed clutch are freewheeling clutches without a friction plate and are capable of disconnecting the output shaft and the input shaft in an overrunning condition when the output shaft spins faster than the input shaft. The multi-ratio transmission shifts between the high speed gear train and the low speed gear train by engaging or disengaging the high speed clutch and modulating speed of the coupled engine.