This paper presents a novel motor imagery (MI) classification algorithm using filter-bank common spatial pattern (FBCSP) features based on MI-relevant channel selection. In contrast to existing channel selection methods based on global CSP features, the proposed algorithm utilizes the Fisher ratio of time domain parameters (TDPs) and correlation coefficients: the channel with the highest Fisher ratio of TDPs, named principle channel, is selected and a supporting channel set for the principle channel that consists of highly correlated channels to the principle channel is generated. The proposed algorithm using the FBCSP features generated from the supporting channel set for the principle channel significantly improved the classification performance. The performance of the proposed method was evaluated using BCI Competition III Dataset IVa (18 channels) and BCI Competition IV Dataset I (59 channels).