We investigated the combined effect of fiber chromatic dispersion and self-phase modulation (SPM) in multi-channel subcarrier multiplexed (SCM) optical transmission systems. We theoretically analyzed the transmission characteristics of the SCM signals with the effect of SPM and chromatic dispersion in a single-mode optical fiber by numerical simulations based on the nonlinear Schrodinger equation. The numerical simulation results revealed that the effect of fiber dispersion and SPM could occur independently between subcarrier channels in two-channel SCM systems for small optical modulation index (OMI) and large channel spacing. However, for large OMI, small channel spacing, and large fiber launching power, we found a performance degradation of the two-channel system compared to that of a single-channel system. These parameters are therefore important for the optimization of multi-channel SCM systems applicable to radio over fiber networks.