Because of its simplicity, reliability, and sensitivity, the drift tube ion mobility spectrometer (IMS) has been recognized as the equipment of choice for the on-site monitoring and identification of volatile organic compounds (VOCs). However, the performance of handheld IMS is often limited by the size, weight, and drift voltage, which heavily determine the sensitivity and resolving power that is crucial for the detection and identification of VOCs. In this work, we present a low-cost, miniaturized drift tube ion mobility spectrometer incorporated with a miniaturized UV ionization lamp and a relatively low drift voltage. The sensitivity and resolving power are boosted with the implementation of Fourier deconvolution multiplexing compared to the conventional signal averaging data acquisition method. The drift tube provides a high resolving power of up to 52 at a drift length of 41 mm, 10 mm ID dimensions, and a drift voltage of 1.57 kV. Acetone, benzene, dimethyl methyl phosphonate, methyl salicylate, and acetic acid were evaluated in the developed spectrometer and showed satisfactory performance.