Time-Division-Multiplexing (TDM) is usually aimed at digital signals, while Continuous Wave Time-Division- Multiplexing (i.e. CWTDM) presented in this paper mainly addresses the problem of multiple continuous signals to share a channel. According to the idea in Ref.[1], this paper proposes a novel method for implementing CWTDM, which can make multiple band-limited continuous signals time-division-multiplexed into one continuous signal without significantly expanding the frequency band. The new method has several important applications. In particular, it can be used to implement an on-board FDMA-CWTDM conversion to develop a new system of satellite communications with more efficient performance.