We report very-low-noise, fast-response, middle-scale multiplexing in a microwave superconducting quantum interference device multiplexer (MW-Mux) as a transition-edge sensor (TES) readout. Our MW-Mux is able to read 40 channels with 500 kHz sampling and has a low readout noise of 0.9 μΦ0/Hz (where Φ0 is the magnetic flux quantum), equivalent to 9 pA/Hz. By contrast, a multiplexer of less than 10 pixels with 500 kHz sampling and ∼2 μΦ0/Hz readout noise has so far been reported in the literature. Owing to the 500 kHz sampling, our MW-Mux exhibits a fast response to detect a TES pulse with a rise time around 12 μs. We demonstrated simultaneous readout of 38 pixels from an array of x-ray TES microcalorimeters. The measured full-width values at half-maximum spectral resolution ranged from 2.79 to 4.56 eV, with a median value of 3.30 eV at 5.9 keV, including a ∼10% contribution of readout noise, i.e., 0.9–1.7 eV.