Based on the research and analysis of the current brake systems, this paper presents a novel electro-hydraulic brake system, which can better meet the functional requirements. The system mainly contains a master cylinder, two brake hydraulic cylinders and drive motors, two transmission mechanisms, thirteen solenoid valves, pedal force simulator, etc. Since the proposed brake system uses a dual motor along with two brake hydraulic cylinders, it has advantages in providing fast pressure response, flexible working modes, high precision and strong fault tolerance. In order to facilitate the study of pressure control algorithm for the proposed brake system, a mathematical model of the brake system is firstly established, then a multiplexed time-division pressure control algorithm is proposed to realize the simultaneous or partially simultaneous pressure control, which ensures the high precision and short response time. Finally, based on the model of the proposed brake system, some extensive simulation and experiment have been conducted, which demonstrate the validity and effectiveness of the proposed multiplexed time-division pressure control algorithm. From the result, the proposed system has good performance for pressure control, the response time is about 100-120 ms for pressure increasing from 0 to 100 bar or decreasing from 100 bar to 5 bar.