Packet loss and delay are the major network impairments for transporting real-time voice over IP networks. In the proposed system, multiple descriptions of the speech are used to take advantage of the packet path diversity. A new objective method is presented for predicting the perceived quality of multi-stream voice transmission. Also proposed is a multi-stream playout buffer algorithm, together with an adaptive parameter adjustment scheme, that maximizes the perceived speech quality via delay-loss trading. Experimental results showed that, compared to FEC-protected single-path transmission, the proposed multi-stream transmission scheme achieves significant reductions in delay and packet loss rates as well as improved speech quality.