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The F-T diesel made from coal by Fischer-Tropsch synthesis (F-T) can be used as a clean alternative fuel of diesel engine. To alleviate the drawback of high cost and low viscosity of F-T diesel, the Methanol-Biodiesel -F-T diesel multiple fuel (MBFT) was prepared by adding low-cost methanol and high-viscosity biodiesel as modifiers. Considering the immiscibility between alcohols and hydrocarbons, this paper carried out a series of stability tests and found that n-decanol was the optimum co-solvent of MBFT. The MBFTs blended by biodiesel with the volume fraction of 10% (10% vol.) and methanol with varying proportions of 0%, 5%, 10% and 15% vol. were denoted as M0, M5, M10 and M15, respectively. The increasing methanol proportion caused the increase of the oxygen content in the blended fuels and the reduction of heat value, surface tension and cetane number. The influence of methanol proportion on combustion characteristics of turbo-charging engine was studied.