Abstract-This paper deals with multiwavelets and the different properties of approximation and smoothness associated with them. In particular, we focus on the important issue of the preservation of discrete-time polynomial signals by multifilterbanks. We introduce and detail the property of balancing for higher degree discrete-time polynomial signals and link it to a very natural factorization of the refinement mask of the lowpass synthesis multifilter. This factorization turns out to be the counterpart for multiwavelets of the well-known zeros at condition in the usual (scalar) wavelet framework. The property of balancing also proves to be central to the different issues of the preservation of smooth signals by multifilterbanks, the approximation power of finitely generated multiresolution analyses, and the smoothness of the multiscaling functions and multiwavelets. Using these new results, we describe the construction of a family of orthogonal multiwavelets with symmetries and compact support that is indexed by increasing order of balancing. In addition, we also detail, for any given balancing order, the orthogonal multiwavelets with minimum-length multifilters.