An IMC-PID based on V-norm decoupling for multivariable stable process with time delay was proposed in this paper. Previous multivariable IMC is usually designed after the decoupling of the process, however the industrial process modeling is difficult to be precise, so the controller design is often not ideal after decoupling. The method in this paper designs both the decoupling and controller at the same time, the IMC is not only a controller, but also a decoupling compensation. A filter parameter optimization method based on a new performance function was adopted. The controller can be realized by time delay compensation when there is an advance part. The IMC-PID designed by this method has strong robustness when the model is mismatch and excellent performance both in decoupling and control. The simulation results show that the method is very effective and has a wide range of application in actual industry area.