The present invention is an alternative Fourier domain optical coherence system (FD-OCT) and its associated method. The system comprises a swept multi-wavelength laser, an optical interferometer and a multi-channel receiver. By employing a multi-wavelength laser, the sweeping range for each lasing wavelength is substantially reduced as compared to a pure swept single wavelength laser that needs to cover the same overall spectral range. The overall spectral interferogram is divided over the individual channels of the multi-channel receiver and can be re-constructed through processing of the data from each channel detector. In addition to a substantial increase in the speed of each axial scan, the cost of invented FD-OCT system can also be substantially less than that of a pure swept source OCT or a pure spectral domain OCT system.