The on-chip-bus (OCB) which connects silicon intellectual property (SIP) in a system-on-a-chip (SoC) plays a key role in affecting the system performance. Recently, a new generation of packet-based OCB protocol called Advance eXtensible Interface (AXI) has been proposed. The AXI separates the address and data into independent channels. The handshaking of each channel uses two signals which one is VALID from source and the other is READY from destination. Once the VALID and READY are high at the same clock positive edge, the handshaking completed and data transferred. Therefore, it is easy to add pipeline stage to increase operating frequency by inserting the register slice. Besides, the AXI protocol supports out-of-order completion and burst-based transaction to provide more bandwidth than traditional OCB protocol. Before this thesis, there is no complete analysis on the interconnect architecture and bandwidth of the of new generation OCB protocol. The existed AXI bus interconnect all adopt the crossbar switch as the architecture. Although the crossbar switch provides high bandwidth, it needs extreme hardware cost. Using the characteristic of AXI, we can adopt the shared bus as the architecture of the bus interconnect to obtain low hardware cost and keep fairly high bandwidth. To analyze impact of the architecture, a portable media platform (PMP) is modeled at transaction-level with SystemC for simulations. However, the AXI bus interconnect can only achieve 50% of bandwidth utilization at most when normal transfer mode is being used. Therefore, we propose an interleaved transfer mode to increase the bandwidth utilization up to 99%. The interleaved transfer mode can be implemented as a totally built in feature of a bus interconnect and does not need any modification to the protocol. In addition, this work also proposes a data lock transfer mode and hybrid mode to handle the transactions to the devices with long initial access latency, such as the memory controller in a system. These modes decrease the transfer time and give the memory controller a higher degree of access rescheduling capability. We evaluate impact of the proposed transfer modes in the portable media platform. In addition, the impact of wrapper buffer size, arbitration policy, transfer mode setting, and arbitration parameter settings are also studied. The simulation result shows that the proposed transfer modes improve the bandwidth utilization by 69% and speed up the system by 44%. Compare the performance with the traditional bus such as the AHB; the AXI system can outperform the AHB system in bandwidth utilization by 346% and system speed by 44% at most. The implemented AXI bus interconnect with the proposed transfer modes has a gate count of 18.85K when synthesized with 0.13μ m CMOS process under 200 MHz operating frequency.