The generation of stable and high-quality single-sideband (SSB) multi-carrier source based on recirculating frequency shifter (RFS) is analyzed theoretically and realized experimentally. The impact factors originated from the modulator intrinsic imperfections, deviation from the right operation bias voltage, as well as the unbalanced amplitude and phase of the radio frequency (RF) drive signals, have different influences on the output spectrum of the transfer function, which is the decisive factor in generating the high-quality multi-carrier output. Based on the theoretical analysis, the stable and high-quality 50-tone output was successfully realized. The experiments under some implementation imperfections have also been carried out. The imperfect and low-quality output results are in good agreement with the theoretical analysis.