marikamarika:
For my project, I want it to be multiple channel of bandwidth in one radio for the data communication, like handy talkie but the frequencies will be limited and allocated into different channels. Is it possible to do it with arduino?
To answer that specific question; if as you say the project requires multiple channels (in one radio) then there are a number of possibilities that are not expensive, but you do need to provide more details.
The worst choice, for such a multiple channel system, would be the el-cheapo 433Mhz modules you see often on eBay. These devices are usually fixed frequency so of no use in a multiple channel system.
If this is a project assignment then you should of course be presenting a 'solution' that is legal to use.