An electronic musical instrument is provided of the type in which a musical tone signal is formed by executing computations according to a mathematical formula such as a frequency modulation formula. Tone formation of each of musical tone signals to be simultaneously formed is assigned to each time-division-multiplexed time channel which is cyclically repeated over cycles of a plurality of time slots. A computation for forming each single musical tone is divided into a plurality of sub-computations, and those subcomputations are executed respectively using a plurality of cycles of time slots of each single time channel. Thus tone formation according to a complex computation formula is realized. Parameters necessary for the computation are generated respectively for each time slot so that any computational formula is adopted as desired by selecting predetermined parameters for each time slot.