In the framework of the modernization plan of COMPASS system, the existing COMPASS signals should be transmitted along with the modernized signals to maintain backward compatibility. In this paper, an efficient multiplexing scheme based on the optimal aligning method for combining COMPASS Phase II B3 and Phase III B3 signals is proposed, which offers significantly higher efficiency than Interplex and Generalized Majority Voting (GMV) multiplexing methods. The proposed scheme can provide potential opportunities for COMPASS system and other global navigation satellite systems (GNSS) modernization and construction plans.