Intensity modulation-Fourier transform spectropolarimetry (IMFTSP) is a novel technology that combines the intensity modulation spectropolarimetry and Fourier transform spectroscopy. The IMFTSP can obtain full Stokes spectropolarimetric parameters simultaneously, and maintains the throughput (Jacquinot) and multiplex (Fellgett) advantages. Yet aside from this, the IMFTSP has the advantage of reducing the complexity of data processing. The data collecting and spectropolarimetric parameters reconstruction processes were analyzed theoretically in this paper, the theoretical formulas are presented, and a whole process mathematical simulation for the IMFTSP system is introduced. The theory analysis and simulation results proved the feasibility of the IMFTSP.