Abstract The first repeating fast radio burst source, FRB 121102, is observed to emit bursts with a periodically modulated rate. We show that FRB 121102 can be interpreted as an interacting neutron star binary system with an orbital period of ∼159 days. We develop a binary comb model by introducing an eccentricity into the orbit. Besides the original funnel mode of the binary comb model, which was applied to FRB 180916.J0158+65 by Ioka & Zhang, we also identify two new modes of the binary comb model, i.e., the τ-crossing mode and the inverse funnel mode, and apply them to interpret FRB 121102. These new developments expand the applicable parameter space, allowing the companion star to be a massive star, a massive black hole, or a supermassive black hole, with the latter two having larger parameter spaces. These models are also consistent with other observations, such as the persistent bright radio counterpart associated with the source. We also argue that the observed frequency dependence of the active window does not disfavor the binary comb model, in contrast to recent claims, and propose two possible scenarios to interpret the data.