The paper proposes an optimization technique for the design of variable digital filters with simultaneously tunable bandedge and fractional delay using a fast filter bank (FFB) approach. In the FFB approach, full band signals are split into multibands, and each band is multiplied by a proper phase shift to realize the variable fractional delay. In the proposed technique, in the formulation of the optimization of the 0th stage prototype filter of the FFB, the ripples of the filters in the subsequent stages are all taken into consideration. In addition, a shaping filter is applied to the last retained band of the FFB to form the transition band of the variable filter, such that the transition width of each band in the FFB can be relaxed to reduce the computational complexity. In total three shaping filters, constructed from a prototype filter, can be shared by different bands, so that the extra cost incurred due to the shaping filter is low.