A Generalized Symbol-rate-increased (GSRI) Pragmatic Adaptive Trellis Coded Modulation (ATCM) is applied to a Multi-carrier CDMA (MC-CDMA) system with bi-orthogonal keying is analyzed. The MC-CDMA considered in this paper is that the input sequence of a bi-orthogonal modulator has code selection bit sequence and sign bit sequence. In [9], an efficient error correction code using Reed-Solomon (RS) code for the code selection bit sequence has been proposed. However, since BPSK is employed for the sign bit modulation, no error correction code is applied to it. In order to realize a high speed wireless system, a multi-level modulation scheme (e.g. MPSK, MQAM, etc.) is desired. In this paper, we investigate the performance of the MC-CDMA with bi-orthogonal keying employing GSRI ATCM. GSRI TC-MPSK can arbitrarily set the bandwidth expansion ratio keeping higher coding gain than the conventional pragmatic TCM scheme. By changing the modulation scheme and the bandwidth expansion ratio (coding rate), this scheme can optimize the performance according to the channel conditions. The performance evaluations by simulations on an AWGN channel and multi-path fading channels are presented. It is shown that the proposed scheme has remarkable throughput performance than that of the conventional scheme.