Wireless statistic division multiplexing (WSDM) is a multiplexing scheme that transmits multiple signals simultaneously in the same frequency band over wireless channels. Based on the Shannon capacity of band-limited waveform AWGN channel with input power constraint, we obtain channel capacity of WSDM. Compared to time division multiplexing (TDM), frequency division multiplexing (FDM), and code division multiplexing (CDM), WSDM is more effective in raising spectrum efficiency. What’s more, we propose information optimization method to separate time-frequency mixed signals. Computer simulations also verify that the proposed method is feasible and performs better than traditional algorithms.