This paper describes the gain and bandwidth of multiple beam klystron(MBK) with M beams and N cavities, presents the formula to describe the relation of the gain and bandwidth of the small signal with structural parameters of the device and the beam parameters, gives the curves of gain versus frequency in the various parameters, and analyzes the effects of multiple cavities on gain and multiple beam on bandwidth. Finally it estimates the gain bandwidth of a MBK is 8.1%.