A transmitting and receiving modulation MIMO radar system is effective to obtaining 3D resolution without a 2D array and to simplification of the electronic circuits in Tx and Rx array. But the dynamic range of the conventional system is limited by the interchannel interference of the used preferred pair M-sequence codes for Tx and Rx modulation. This paper presents a TRM-MIMO radar system based on orthogonal coded theory. We derive a condition which the Tx and Rx codes doubly modulated at the Tx and Rx arrays should satisfy. The acquisition time and code length is theoretically discussed. The experiments are carried out in order to demonstrate the effectiveness of this method by using a developed TRM-MIMO radar system with Hadamard codes. As the result, it is found that the proposed orthogonal code modulation method achieves more than 20dB improvement of the dynamic range which is limited due to the interchannel interference of a moving clutter in a conventional system with M-sequence codes. Moreover, 5 times faster acquisition time is achieved.