In recent years, multistatic radar systems are extensively used for detection process, as it includes multiple transmitters and multiple receivers spaced at different locations. Due to multiple transmitted signals by multiple transmitters, waveform design with a large time-bandwidth product, low cross-correlation interferences, and a low peak-average power ratio, is a challenging task. Even though many waveform design techniques exist, they lack high time-bandwidth product, which is one of the primary requirements for multistatic airborne radars. In this paper to meet these requirements, in the present study an orthogonal frequency division multiplexing waveform (OFDM) with linear frequency modulated (LFM) signal is designed which has a high time-bandwidth product. This method jointly utilizes the effectiveness of conventional LFM and OFDM signals, to achieve spectral efficiency through multi carrier modulation as well as better range and Doppler resolution. A generalized formulation of OFDM-LFM waveform is presented and the performance is analyzed in time and frequency domains in terms of various ambiguity function parameters. © 2015 IEEE.