Using the bosonization technique and self-consistent quantum theory, we study two branches of low-lying excitation in the spin-Peierls system CuGeO 3 with frustration. The energy gaps of triplet one-magnon excited state and singlet two-magnon bound state are calculated for a set of parameters appropriate to the compound CuGeO 3 . The calculated results are consistent with experimental data of CuGeO 3 . It is found that the energy gaps of the one-and two-magnon states increase with increasing either frustration or dimerization parameter. As the dimerization is increased, the binding energy of the singlet two-magnon bound state increases for smaller frustration, whereas it decreases for larger frustration. The power-law relation between the binding energy and the dimerization exists for small dimerization and at criticality ␣ϭ␣ c ϭ0.2411.