In this study, a new versatile active element, namely multifunction current differencing cascaded transconductance amplifier (MCDCTA), is proposed. This device which adopts a simple configuration enjoys the performances of low-voltage, low-input and high-output impedance, wide bandwidth etc. It simplifies the design of the current-mode analog signal processing circuit greatly, especially the design of high-order filter and oscillator circuits. Moreover, an example as a new current-mode multiphase sinusoidal oscillator (MSO) using MCDCTA is described in this paper. The proposed oscillator, which employs only one MCDCTA and minimum grounded passive elements, is easy to be realized. It can provide random n (n being odd or even) output current signals and these output currents are equally spaced in phase all at high output impedance terminals. Its oscillation condition and the oscillation frequency can be adjusted independently, linearly and electronically by controlling the bias currents of MCDCTA. The operation of the proposed oscillator has been testified through PSPICE simulation and experimental results.