In this paper, we theoretically analyze the performance of multi-wavelength incoherent optical code-division multiplexing (MW-OCDM) systems under the impact of four wave mixing (FWM). Other interferences and noises such as multiple access interference (MAI), optical beating interference (OBI), and receiver’s noise are also included in the analysis. The impact of FWM on various aspects of MW-OCDM system performance, including bit error rate, the number of supportable users, and power penalty, is quantitatively discussed. We also investigate the system performance with several types of optical fibers such as single mode fiber (SMF), dispersion-shifted fiber (DSF), and non-zero DSF taking account different frequency spacing. The numerical results show that the system performance is degraded under the impact of FWM, especially at high-transmitted power, small frequency spacing, or when DSF is employed. It is also seen that the signature code set with small cross-correlation value should be used for MW-OCDM systems to reduce the impact of FWM.