Multiple time delays and complex interactions among loops constitute a major problem in the design of controllers for multivariable processes. This paper proposes a new IMC method based on an equivalent model using the Smith delay compensator for multivariable systems with multiple time delays. By decomposing the MIMO systems into a set of equivalent independent single loops including delay compensations, poor performance caused by interactions and time delays is avoided. Using these single loop controllers, PID controllers with a first-order lag filter structure are designed; moreover, they can be potentially employed in various industrial applications. Simulation results demonstrate the flexibility and effectiveness of the proposed method.