How to encode as many targets as possible with limited frequency resources is a grave problem that restricts the application of steady-state visual evoked potential (SSVEP) based brain-computer interfaces (BCIs). In the current study, we propose a novel block-distributed joint temporal-frequency-phase modulation method for a virtual speller based on SSVEP-based BCI. A 48-target speller keyboard array is virtually divided into eight blocks and each block contains six targets. The coding cycle consists of two sessions: in the first session, each block flashes at different frequencies while all the targets in the same block flicker at the same frequency; in the second session, all the targets in the same block flash at different frequencies. Using this method, 48 targets can be coded with only eight frequencies, which greatly reduces the frequency resources required, and average accuracies of 86.81 $\pm$ 9.41% and 91.36 $\pm$ 6.41% were obtained for both the offline and online experiments. This study provides a new coding approach for a large number of targets with a small number of frequencies, which can further expand the application potential of SSVEP-based BCI.