The operational principle and heterodyne technology of photonic Doppler velocimetry are introduced, time division multiplexing (TDM), wavelength division multiplexing (WDM), time and wavelength division multiplexing, are analyzed in detail. According to the analysis, a multiplexed photonic Doppler velocimetry (two TDM, two WDM) device is designed, and the velocities of explosively driven aluminum plates are tested by the proposed MPDV. The experimental results show that the MPDV is achieved well, four frequency curves and velocity curves are measured with just one interference signal, the velocity is up to 2.5 km/s, and the flight time is 16 μs, the interference signal, frequency curve and velocity curve are distinct from those of photonic Doppler velocimetry and heterodyne multiplexed photonic Doppler velocimetry. The solution will provide a valuable reference for the multiplexed photonic Doppler velocimetry.