Studies on brain mechanisms enable us to treat various brain diseases and develop diverse technologies for daily life. Therefore, an analysis method of neural signals is critical, as it provides the basis for many brain studies. In many cases, researchers want to understand how neural signals change according to different conditions. However, it is challenging to find distinguishing characteristics, and doing so requires complex statistical analysis. In this study, we propose a novel analysis method, FTF (F-value time-frequency) analysis, that applies the F-value of ANOVA to time-frequency analysis. The proposed method shows the statistical differences among conditions in time and frequency. To evaluate the proposed method, electroencephalography (EEG) signals were analyzed using the proposed FTF method. The EEG signals were measured during imagined movement of the left hand, right hand, foot, and tongue. The analysis revealed the important characteristics which were different among different conditions and similar within the same condition. The FTF analysis method will be useful in various fields, as it allows researchers to analyze how frequency characteristics vary according to different conditions.