A self-reference, single-shot characterization technique is proposed and demonstrated for simultaneously measuring the instantaneous frequencies and phases of multi-wavelength optical signals using a single processing and detection platform. The technique enables direct real-time optical sampling of the instantaneous frequencies of amplitude and/or phase modulated signals simultaneously at different wavelengths without requiring the use of any optical reference. Simultaneous real-time instantaneous frequency and phase measurements of a chirped 1 GHz-sinusoid intensity modulation signal and a 3 Gbps-PRBS (pseudo-random binary sequence) phase-modulated signal at two different wavelength channels have been performed for the proof-of-concept demonstration.