In order to enhance the spectrum resolution of current photo-elastic modulator-based Fourier transform spectrometer, a multi-reflected photo-elastic modulator-based interferometer structure was proposed in the present paper. Through coating reflecting film alternatingly on the photo-elastic crystal and light oblique incidence, and allowing the incident ray to have the multi-reflection in the crystal and exit from the other side of the crystal, the authors increased the light propagation distance in the crystal and enhanced the optical path difference at last. Based on this, the function of interference-spectrum retrieval was established, the optical system matched to the multi-reflected PEM-based interferometer was designed, and finally, the experimental system of multi-reflected PEM-based Fourier transform spectroscopy for telemetry was established. The principle of verification tests by using 671 nm laser and xenon lamp shows that the interferogram was clear and stable, and the feasibility of the principle of the system was verified. The expected result shows that the spectrum resolution of the designed PEM-FTs with multi-reflection achieved 13 cm-1, and its luminous flux just didnt reduce too much, which ensured the SNR. Through spectral inversion of the interference fringes, the technical feasibility of the spectrum system developed was verified. This work established the basic condition of prototype fabrication, radiation precise calibration, spectral calibration and instrument signal-to-noise ratio test and so on.