PURPOSE: To obtain a telephone system which can discriminate a caller by providing a caller display means for displaying which of a first or a second terminal equipment the caller is in accordance with a flash key signal.

CONSTITUTION: When a user depresses a flash key 22 in accordance with the call-waiting phone signal of a voice, a flash key signal 191 is sent out to a switching instruction generating means 15 and an LED control part 24. Thus, the switching instruction generating means 15 controls a line opening/closing circuit 14 and switches a telephone line 10 for a short time in order to send out a switching instruction signal for instructing the switching of the caller to the telephone circuit 10. Also, the LED control part 24 displays a fact that the subsequent speech becomes the speech whose other party is a second terminal equipment by turning of an LED 25, and also, starting to turn on an LED 26. Thereafter, whenever the flash key 22 is depressed, the switching of a short time of the telephone line 10 and the switching of turning on the LEDs 25, 26 are executed.