Abstract: A multi-way speaker system comprising a tweeter, a squawker and a woofer wherein each of the speakers is arranged in staggered relation along their radiating axis at a predetermined spacing from each other and provided with an appropriate crossover network coupled to an input terminal of each of the speaker whereby sound pressure-frequency characteristics of a synthesized sound wave resulting from the synthesis of respective sound waves radiated from respective speakers are rendered flat, and phase frequency characteristics of said synthesized sound wave are rendered linear, over an entire band to improve a waveform transmission characteristic of an overall speaker system.