In this work, we experimentally perform time delay interferometry by using a transfer oscillator, which is capable of reducing the laser frequency noise and the clock noise simultaneously in the post processing. The iodine frequency reference is coherently downconverted to the microwave frequency using a laser frequency comb. The residual noise of the downconversion network is 5 × 10-6Hz/Hz1/2 at 0.7 mHz, and 4 × 10-6Hz/Hz1/2 at 0.1 Hz, indicating high homology between the optical frequency and the microwave frequency. We carry out time delay interferometry with the aid of the electrical delay module, which can introduce large time delays. The results show that the laser frequency noise and the clock noise can be reduced simultaneously by ten and three orders of magnitude, respectively, in the frequency band from 0.1 mHz to 0.1 Hz. The performance of the noise reduction can reach 6 × 10-8Hz/Hz1/2 at 0.1 mHz, and 7 × 10-7Hz/Hz1/2 at 1 mHz, meeting the requirements of the space-borne gravitational wave detection. Our work will be able to offer an alternative method for the frequency comb-based time delay interferometry in the future space-borne gravitational wave detectors.