In this paper, the outage probability (OP) performance of multi-relay-based fixed-gain amplify-and-forward (FAF) relaying mobile-to-mobile (M2M) system with transmit antenna selection (TAS) over N-Nakagami fading channels is investigated. The exact closed-form expressions for OP of the optimal and suboptimal TAS schemes are derived. The power allocation problem is formulated for performance optimization. Then the OP performance under different conditions is evaluated through numerical simulations to verify the analysis. The simulation results showed that optimal TAS scheme has a better OP performance than suboptimal TAS scheme. Further, the power-allocation parameter has an important influence on the OP performance.