Smoothed phase-coded frequency modulated continuous waveform (SPC-FMCW), which is aimed to improve the coexistence of multiple radars operating within the same frequency bandwidth, is studied and the receiving strategy with a low ADC sampling requirement is investigated. The Gaussian filter is applied to obtain smooth phase transition, and the phase lag compensation is performed on transmitted phase code to enhance decoding. The proposed waveform is examined in different domains, and its waveform properties are analysed theoretically and demonstrated experimentally. Both the simulation and experimental results show that the introduced waveform with the investigated processing steps helps to combine all advantages of the FMCW waveform including hardware simplicity and small operational bandwidth of the receiver with advantages of the phase coding.