This paper presents a novel adaptive decoupling controller for general stochastic multivariable systems with arbitrary time delay structure. The decoupling controller is constructed using a diagonal dynamic precompensator to diagonalize the system interactor matrix and then combining the feed for ward control strategy and the generalized minimum variance approach. It cannot only control unstable and/or non-minimum phase processes but also decouple the closed-loop systems both dynamically and in the static state. It is adaptively implemented in direct form. The global convergence properties and parameter estimate consistency for this adaptive decoupling algorithm are also discussed. It is shown that this adaptive controller not only has globally convergent properties but also generates strongly consistent parameter estimates. The results of simulations and an application are proposed to demonstrate the effectiveness of the algorithm.