Under the condition of multimodal travel choices in large cities, there is a close relationship of traffic demands among subway, buses and private cars. In order to explore the coupling relationship and time-varying feature among multimodal traffic demands, with road congestion index representing the traffic demands of private cars, this paper adopts the time-varying parameter vector autoregressive (TVP-VAR) model to analyze one-month travel demands of subway, buses and road congestion index on weekdays. The empirical results of two traffic zones demonstrate that:Depending on different land use types, the relationship among subway demand, bus demand and private car demand does not significantly change in trend, but varies in time scale; In urban traffic zones, there is an interactive relationship among traffic demands of subway, buses and private cars. As subway demand increases, less passengers will switch to buses. When bus demand increases, subway demand will increase correspondingly. The increase of private car travel demand will increase the subway travel demand but reduce the bus travel demand. The research is helpful to understand the coupling relationship among different travel modes in our country at the present stage, and thus to better cope with the issue of urban traffic congestion.