A multi-speed offset transfer case for a four (4) wheel drive motor vehicle having a plural stage torque transfer and speed changing mechanism which provides four (4) or more output speeds for each input speed. A modified planetary gear assembly forms the first stage and provides selectively either speed reduction or an output speed which is equal to the input speed. This planetary gear assembly receives torque from an input shaft and includes a sun gear in driven engagement with the input shaft, a planetary gear carrier which supports a plurality of planet gears and a ring gear. The planetary gear carrier includes an output sleeve, which is preferably an integral part of the planetary gear carrier. An actuator for the planetary gear assembly includes a first shift collar which is capable of grounding the ring gear so that it will not rotate, thereby causing the planetary gear carrier to be driven at a lower angular speed than the input shaft, and a second shift collar which locks the planetary gear carrier to the ring gear so that both rotate at the same angular speed as the input shaft. The second stage includes two (2) or more chain drives which are engaged alternately, providing two (2) or more output speeds for each input speed. This makes it possible to obtain four (4) or more output speeds ranging from a deep reduction to overdrive.